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Norilsk Nickel Sees First-Half Profit Down as Much as Third

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Sept. 21 (Bloomberg) -- OAO GMK Norilsk Nickel, the world’s largest miner of the metal, expects first-half profit to decline by as much as a third after average prices of the metal dropped, according to Chief Executive Officer Vladimir Strzhalkovsky.

Norilsk sees earnings before interest, taxes, depreciation and amortization of at least $2.5 billion, Strzhalkovsky said today in an interview in Sochi, southern Russia. Norilsk said in October its Ebitda in the first half of 2011 was $3.74 billion.

Sales are expected to be more than $5.9 billion and net income in excess of $1.4 billion, the company said in a separate statement. The figures compare with the $7.3 billion in revenue and $1.8 billion in net income reported for the previous year.

Average nickel prices in London tumbled by 28 percent to $18,501 a metric ton in the first half from a year earlier.

To contact the reporter on this story: Stepan Kravchenko in Moscow at skravchenko@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net

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