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Norilsk Nickel Reveals 1Q Net Profit

Russian metals giant Norilsk Nickel's first quarter net profit is amounted to 15.3 billion rubles

Russian metals giant Norilsk Nickel?s first quarter net profit is amounted to 15.3 billion rubles, or $550 million, down by 11.34 percent from the first quarter of 2004 profit of 17.3 billion rubles, $622 million.

Norilsk?s net profit grew by 36.4 percent from the fourth quarter of 2004. This can be put down to lower operational costs in the first quarter of 2005 compared with the fourth quarter of 2004.

According to the company's annual report, President of Interros holding Vladimir Potanin and General Director of Norilsk Nickel Mikhail Prokhorov are Norilsk Nickel's major shareholders.