May 15, 2013 / 7:35 AM / 5 years ago

Russia's Nord Gold Q1 net income down 61 pct y-on-y

MOSCOW, May 15 (Reuters) - Russian gold miner Nord Gold said on Wednesday its first quarter net income fell 61 percent to $23 million, year-on-year, due to higher finance costs and a foreign exchange loss.

The company, controlled by businessman Alexei Mordashov, said in April its first quarter revenue increased by 12 percent to $297 million thanks to rising production.

Its earnings before interest, taxation, depreciation and amortisation (EBITDA) fell 7 percent at $106 million.

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