Norilsk Nickel foresees lower IFRS-based annual net profitadmin
Norilsk Nickel expects its net profit under IFRS to slide to $5.3bn in 2007 from $5.96bn posted for the previous year, the Russian precious metals producer said in a memo prepared for the company’s annual general shareholders’ meeting scheduled for June 30. Meanwhile, the document states that, net of damage to business reputation, Norilsk Nickel’s net profit amounted to $7.2bn.
The memo also states that 2007 was characterized by high prices of non-ferrous and precious metals produced by Norilsk Nickel. The average annual commodity prices of nickel jumped 53 percent to $37,181 in 2007 compared to the year before, while copper rose 6 percent to $7,126, palladium climbed 11 percent to $355, and platinum grew 14 percent to $1,303.