Norilsk Nickel posts 150% rise in IFRS net profit in 2006

Norilsk Nickel [RTS: GMKN] said Friday its consolidated net profit calculated to International Financial Reporting Standards (IFRS) increased 150%, year-on-year, in 2006 to $5.97 billion, RIA Novosti reports. "Profit for the year increased from $2,352 million in 2005 to $5,965 million in 2006 as a result of higher prices for metals sold and better control over expenditures," Norilsk Nickel said in its consolidated financial statements. The metals giant said its pre-tax profit grew 120% in the reporting period to $6.78 billion and revenues from metal sales went up 61% to $11.55 billion.

Norilsk Nickel is the leading mining and metals company in Russia and one of the world's largest producers of nickel, palladium, platinum and copper.