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MOSCOW (AP) - Russian mining giant OAO Norilsk Nickel said Friday that its 2006 net profit more than doubled with help from higher nickel prices, as Canadian miner LionOre expressed support for Norilsk's $6.36 billion takeover bid.
Net profit rose to $5.99 billion (4.44 billion euros) from $2.36 billion, Norilsk said. Profits also got a one-time boost from discontinued operations, it said.
Revenue rose to $11.6 billion (8.6 billion euros) from $7.17 billion as nickel prices more than doubled, while cost controls helped operating profit climb to $7.02 billion (5.21 billion euros) from $3.18 billion. The company recorded a $933 million gain from the operations of former subsidiary OAO Polyus Gold.
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