&host=rt.com&uri=/business/news/norilsk-nickel-posts-fy-2008-net-loss-of-555-million/&via=(none)&ua=CCBot/1.0 (+http://www.commoncrawl.org/bot.html))
Norilsk Nickel posts FY 2008 Net Loss of $555 million
Published: 25 May, 2009, 17:45
TAGS: Markets, Natural resources, Corporate Results, Russia and the global economy
Russian mining giant, Norilsk Nickel, has posted a FY 2008 Net Loss of $555 million under IFRS.
The net result is a sharp turnaround from the FY 2007 Net profit of $5.2 billion, with adjusted EBITDA also down 43% year on year to $5.8 billion, on the back of Revenues of $13.980 billion, down 18%.
The company attributed the slump in net result to the write down of $4.7 billion worth of assets and a $397 million foreign exchange hit.
The net result also reflected falls in prices and sales volumes for copper and nickel, which outweighed gains in prices for platinum group metals and gold. Over the year nickel sales declined by more than 40%, combining with a 42% slide in sales prices, with platinum sales rising 12% as prices rose 24%.
25.05.2009, 10:45
Wait is over as Moscow prepares for 3GRussians have purchased around 6 million mobile phones with 3rd-generation technology support. But, one of the country's largest markets is still waiting for the service to be switched on. |
25.05.2009, 22:18
1 comment
‘Tough steps’ required on Government spendingRussia has only just completed this year's federal budget. Now, against a shaky economic outlook, it's looking to 2010, with President Dmitry Medvedev calling for "tough steps" to control government spending. |
