Norilsk Q2 Profit Down
Mining giant Norilsk Nickel on Monday reported a 37 percent year-on-year drop in second-quarter net profit due to the transfer of a stake in fellow miner Gold Fields to a subsidiary.
The world"s biggest nickel company said in a report that net profit to Russian Accounting Standards shrank to 9.6 billion rubles ($338.3 million) in the period from 15.3 billion rubles in the second quarter of 2004.
The company had previously said it expected net profit to be lower because of the transaction.
Norilsk transferred its 20 percent stake in Gold Fields, a South African gold major, to gold unit Polyus as part of a plan to create a major international gold company with a Western listing.
The world"s biggest nickel company said in a report that net profit to Russian Accounting Standards shrank to 9.6 billion rubles ($338.3 million) in the period from 15.3 billion rubles in the second quarter of 2004.
The company had previously said it expected net profit to be lower because of the transaction.
Norilsk transferred its 20 percent stake in Gold Fields, a South African gold major, to gold unit Polyus as part of a plan to create a major international gold company with a Western listing.