Norilsk Nickel received 28.242 billion rubles ($307.2 million) of net profit under Russian accounting standards (RAS) in the first quarter of 2024 against a loss of 32 billion rubles ($348.2 million) for the same period a year earlier.
This result is mostly attributed to exchange rate differences which helped curb losses, the company explained.
Norilsk Nickel's revenue for the reporting period increased by 7%, to 213 billion rubles. The growth of financial indicators under RAS is due to the weakening of the ruble by 24% compared to the USD. Meanwhile, its impact was offset by a decline in market prices for select metals.
The cost of production increased by 7%, or 9 billion rubles, to 137 billion rubles due to increased spending on personnel, repairs and materials.
A company representative clarified that the statements were prepared in accordance with Russian accounting standards and do not include the results of the group’s subsidiaries.
Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished
