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.
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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