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Norilsk Profits Fell Due to Gold Fields Stake Sale

Russian biggest nickel and gold producer Norilsk Nickel said its net profit to Russian accounting standards fell in the second quarter

Russian biggest nickel and gold producer Norilsk Nickel said its net profit to Russian accounting standards fell in the second quarter due to the transfer of a stake in South African gold miner Gold Fields to Norilsk?s subsidiary Polyus.

Deputy General Director Denis Morozov said that despite the transfer, it will not be reflected in a report made to international standards, as the transaction took place within the company.

Norilsk?s net RAS profit fell by 37,6% in the second quarter of 2005 to 9,6-billion roubles from 15,3-billion roubles in the first quarter.

Russian accounting standards differ significantly from international accounting standards and are non-consolidated.

Norilsk's first-half RAS net profits rose to 24,9-billion roubles, according to the statement, compared to 23,15-billion roubles announced for the same period a year earlier. The firm did not give comparative quarterly figures.