MOSCOW, October 19 (RIA Novosti) - Russian metals giant Norilsk Nickel said on Monday its net profit under International Financial Reporting Standards declined 84%, year-on-year, in January-June 2009 to $439 million.
Revenues in the reporting period were halved to about $4.1 billion, the metals giant said in a statement.
"In the first six months of 2009, revenue from metal sales declined by 54% to $3.3 billion mostly due to the global commodity market prices being significantly below prior year levels," the statement said.
Gross profit fell 71% to $1.3 billion, operating profit slumped 71% to $963 million and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) plunged 68% to $1.4 billion, the statement said.
Norilsk Nickel accounts for more than 20% of global nickel output, more than 10% of cobalt production and 3% of copper.
