EN+ Sees Boost to Earnings from Norilsk Nickel Stake
August 22 2019 - 11:15AM
Dow Jones News
By Carlo Martuscelli
Aluminum and hydropower producer EN+ Group International PJSC
(ENPL.LN) said on Thursday that its latest earnings could be buoyed
by its shareholding in Norilsk Nickel Mining & Metallurgical
Co. (GMKN.MZ).
The Russia-focused, London-listed company said that it will hold
a board meeting to consider Norilsk's latest earnings statement
which were released Tuesday and which it didn't have available when
it was making its own accounts.
The company said that it will then review its half-year
report--published on Aug. 16--to possibly revise them upwards.
In its half-year report, Norilsk said that its total revenue
rose 7.9% to $6.29 billion, with net profit increasing 72% to $2.88
billion.
EN+ Group has a stake in the nickel and palladium mining company
through its 50.1% shareholding in United Co. Rusal PLC (0486.HK).
Rusal's stake in Norilsk totals 27.8%.
Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com
(END) Dow Jones Newswires
August 22, 2019 11:00 ET (15:00 GMT)
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