Norilsk Nickel posts FY 2010 net profit of $3.089 billion

Russian nickel producer, Norilsk Nickel has posted a FY 2010 net profit of $3.089 billion under IFRS.

The bottom line is up 17% from the FY 2009 net result of $2.651 billion, with adjusted EBITDA also up 72% year on year to $7.209 billion, and revenues increasing 50% to $12.8 billion from $8.5 billion a year earlier.Norilsk Nickel says the results reflect increased market prices on all metals. Revenues from nickel sales were up 54%, from $4,206 million in 2009 to $6,459 million in 2010 driven by average nickel prices increasing by over 40%. Palladium sales grew 97% year on year to $1.479 million.