Norilsk Nickel posts lower half-year profit

Norilsk Nickel's IFRS net profit plunged 19% year-on-year to $1.48bn, RBC reports citing the company's statement.

Revenue dropped 19.17% to $5.93bn, gross profit decreased 32% to $2.88bn, and revenue from the sale of metals declined 21% to $5.48bn. Operating profit plummeted 38% to $2.11bn, pretax profit fell 38% to $2.11bn, pretax profit decreased 35% to $2.04bn, EBITDA totaled $2.49bn, down 33% year-on-year, and operating expenses stood at $2.49bn, down 4% year-on-year.

According to the company, the downturn in H1 results came on the back of lower non-ferrous and precious metal prices.