United Co. Rusal PLC, the world's largest producer of aluminum, said Monday it expected the year-end results released last week by Norilsk Nickel, in which it has a 27.8% stake, would have an "adverse impact" on its overall 2012 earnings, which now need to be revised.
Norilsk reported Friday that its 2012 net profit had fallen 41% on the year to $2.1 billion as a result of a $976 million write-off.
"The management of [Rusal] has reviewed the Norilsk Nickel financial statements and is of the view that it has material adverse impact on the company's published consolidated financial statements for the year," Rusal said in a disclosure on the Hong Kong Stock Exchange where the company trades.
"As soon as the company updates its consolidated financial statements for the year ended 31 December 2012 and the auditors perform the relevant audit procedures with respect to the Norilsk Nickel financial statements, the company will make further announcement containing the updated consolidated financial statements for the year," it said.
Rusal shares fell 2.8% to HK$4.13 in Hong Kong Monday.
Rusal owner, Oleg Deripaska, settled a shareholder dispute late last year with Norilsk's primary shareholder, Vladimir Potanin, ending a four-year struggle over control of the company.
The two had long sparred over Norilsk's management, corporate governance, board control, long-term investment strategy and dividends. Over the years, the tensions have spurred lawsuits and at times paralyzed decision making at the company. The deal was sealed in December when tycoon Roman Abramovich purchased a 5.87% stake for $1.49 billion, and agreed to take on the role as peacemaker between Mr. Potanin and Mr. Deripaska.
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