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LME NICKEL CASH

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EN+ Sees Boost to Earnings from Norilsk Nickel Stake

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08/22/2019 | 11:01am EST

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

Stocks mentioned in the article
ChangeLast1st jan.
LME ALUMINIUM CASH -0.85% 1756 End-of-day quote.-5.49%
LME NICKEL CASH -0.64% 13165 End-of-day quote.26.10%
PALLADIUM 0.39% 1878 Delayed Quote.47.94%
PUBLIC JOINT STOCK COMPANY MINING AND METALLURGICAL COMPANY NORILSK NICKEL 2.68% 28.4 Delayed Quote.51.39%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.00% 63.65 Delayed Quote.-8.00%
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