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En+ revises H1'19 results upwards on strong Norilsk Nickel earnings

En+ Group IPJSC revised upwards its previously announced first half earnings after recognizing the positive impact of subsidiary PJSC Norilsk Nickel Co.'s own financial results for the period.

For the first half, the company's net profits have been adjusted to US$863 million, from the previously disclosed US$796 million. This is still down from US$1.04 billion recorded in the year ago period. Revenue was unchanged at US$5.80 billion, down from US$6.14 billion a year ago.

En+ noted that when the group released its first half results on Aug. 16, it only estimated items related to its investment in Norilsk based on public information. Norilsk reported Aug. 20 that its first half profit jumped 81% to just under US$3.00 billion thanks to a devalued Russian ruble.

As a result, En+ said Aug. 23 that it understated the share of profit of associates and joint ventures by US$67 million, as well as interest in associates by US$35 million. Foreign currency translation gain was also overstated by US$32 million.

In the second quarter, the group's net profit increased to US$454 million from the previously disclosed US$387 million. This compares to US$370 million a year ago.

As of Aug. 23, US$1 was equivalent to 65.93 rubles.