Aug 14. Norilsk Nickel reported a 18% decline in RAS revenue to RUB 124.26 bn in 1H 2008, according to the company's report. Net income contracted 19-fold to RUB 4.09 bn. The repot says that in 1H 2008 nickel prices dropped 27%. Revenue fell in line with market trends. A steep decline in net income is attributable to lower revenue from sales and negative revaluation of long-term financial assets. The metal maker's press service said that, in particular, a reduction in 2Q 2008 net profit is driven by negative revaluation of OGK-3 assets listed on NorNickel's balance sheet. "This factor will cease to impact the company's results if a decision is adopted to spin off OGK-3 and other non-core assets into a standalone company", the company's PR Department said.