Norilsk Nickel Write-off Hurts Rusal 2012 Earnings

Marketwatch reported that United Co. Rusal PLC said it expected Norilsk Nickel’s 2012 year-end results to adversely impact its overall 2012 earnings. The company has a 27.8% stake in Norilsk Nickel, which posted a net profit of $2.1B, lower by 41% as a result of its $976M write-off.

As quoted in the market news:

The management of [Rusal] has reviewed the Norilsk Nickel financial statements and is of the view that it has material adverse impact on the company’s published consolidated financial statements for the year,” Rusal said in a disclosure on the Hong Kong Stock Exchange where the company trades.

Click here to read the full Marketwatch report.