MOSCOW, July 31 (RIA Novosti) - Russia's Norilsk Nickel announced on Friday a net profit of 52.1 billion rubles ($1.65 billion) according to Russian Accounting Standards for the second quarter of this year.

The world's largest nickel and palladium producer had posted a net loss of 7.12 billion rubles (226 million) for January-March.

The profit rise in April-June was due to the revaluation of corporate investments, included in financial reports at market prices as of the end of each accounting period, the company said in a statement.

Norilsk Nickel accounts for more than 20% of global nickel output, more than 10% of cobalt production and 3% of copper.