Norilsk's IFRS H1 net profit slumps to 1 bln rbl from 196 bln rbl
MOSCOW, Aug 11 (PRIME) -- The net profit of Russian metals giant Norilsk Nickel dove to 1.2 billion rubles in January–June from 196.2 billion rubles in the same period of 2019 due to a reserve created to compensate for a May fuel spill, as calculated under International Financial Reporting Standards (IFRS), the company said in a statement on Tuesday.
"EBITDA fell by 51% year-on-year tî U.S. $1.8 billion due to the recognition of $2.1 billion expenses on environmental reserves linked to compensation of environmental damage following a diesel fuel spill on the industrial territory of power station #3 in Norilsk," the statement said.
Revenue rose 14.3% to 443.712 billion rubles.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) plummeted 51% to $1.8 billion.
"Amidst the high level of uncertainty on the global markets, the company increased its liquidity cushion by drawing down some of the available credit lines,” the company said.
“We continued our long run campaign to refinance the debt portfolio, having managed to further decrease the average cost of debt despite an increase of gross debt. Financial stability is among our strategic priorities."
For further details, see the company’s statement on its official website:
(73.7750 – U.S. $1)
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