October 14, 2011 / 2:31 PM / 8 years ago

Russia's Norilsk says first half profit down 22 pct

MOSCOW, Oct 14 (Reuters) - Russian metals giant Norilsk Nickel posted a 22 percent fall in first half profit on Friday after taking a one-off hit from the disposal of its loss-making electricity unit.

The company, the world’s largest producer of nickel and palladium, said net profit was $1.8 billion for the six months to end June, down from $2.3 billion in the same period last year.

“The net profit reduction was caused by a loss on discontinued operations related to disposal of (power company) OGK-3 shares, amounting to $560 million,” it said in a statement.

Revenue rose by 24 percent to $7.3 billion from $5.9 billion in the first half of 2010, Norilsk said in the statement.

Revenue from metals sales also rose by 24 percent year-on-year to $6.96 billion, it said. (Reporting By Aleksandras Budrys; Editing by John Bowker)

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