Norilsk Nickel Annual Profits Double

Russian mining giant OAO Norilsk Nickel said Friday that its 2006 net profit more than doubled with help from higher nickel prices, as Canadian miner LionOre expressed support for Norilsk's $6.36 billion takeover bid.

Net profit rose to $5.99 billion (4.44 billion euros) from $2.36 billion, Norilsk said. Profits also got a one-time boost from discontinued operations, it said.

Revenue rose to $11.6 billion (8.6 billion euros) from $7.17 billion as nickel prices more than doubled, while cost controls helped operating profit climb to $7.02 billion (5.21 billion euros) from $3.18 billion. The company recorded a $933 million gain from the operations of former subsidiary OAO Polyus Gold.

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- Posted: 2007-06-08 10:22:29

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