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Chalco posts 170% profit growth in 2016
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SHANGHAI-LISTED Aluminum Corporation of China, the nation’s largest aluminum producer, posted a profit growth of 170.82 percent in 2016 from a year ago thanks to its efforts to cut costs and rising aluminum prices.
The company marked a second profitable year with net profit totaling 402.5 million yuan (US$58.5 million) and revenue rising 16.68 percent annually to 144.1 billion yuan, it said in its annual report last night. Over recent years, the company has been mocked as the “king of loss” by domestic media due its weak financial performance.
The profit comes after it “reformed the use of electricity and production operations,” which helped cut its cost to produce aluminum oxide by 12 percent from a year ago and cost to make electrolytic aluminum by 17 percent, it said. The two are Aluminum Corp’s main products.
The company also benefited from the domestic aluminum price which doubled to over 3,000 yuan per ton last year in line with price rebounds in coal, the industry’s raw material.
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