Indebted Rusal flags steeper loss for 2013 due to Norilsk Nickel
HONG KONG, April 10
HONG KONG, April 10 (Reuters) - Loss-making Russian aluminium group United Company Rusal Plc said it has revised down its earnings for 2013 after a review of its share of profits of associates in Norilsk Nickel showed the figure was overstated by $100 million.
Rusal is of the view that a lower profit share in Norilsk Nickel will have an adverse impact on its consolidated financial statements for 2013, the world's biggest aluminium producer said in a filing to the Hong Kong bourse on Thursday morning.
Rusal's 2013 loss has now been revised to $3.322 billion from $3.222 billion and its share of profits of associates should be $84 million instead of $184 million, it said.
Carrying value of the company's investment in Norilsk Nickel, the world's largest nickel and palladium producer, should be $7.801 billion, rather than $7.901 million.
Rusal had reported its full-year net loss for 2013 was at $3.22 billion, versus $528 million loss in 2012.
Lenders have granted the world's biggest aluminium producer a three-month breather, giving the loss-making firm time to try to hammer out revised terms for $3.7 billion of debt repayments without risk of default. (Reporting by Donny Kwok; Editing by Michael Perry)