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August 25, 2009

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Chalco mires in net loss

ALUMINUM Corp of China Ltd, the world's No. 3 alumina maker, yesterday posted its third consecutive quarterly losses due to weak demand and low prices of the metal used in transport and packaging.

China's top aluminum producer, also known as Chalco, reported a net loss of 1.63 billion yuan (US$238.6 million) for the April-June period, following two straight quarters of losses as a credit crunch and financial crisis battered aluminum producers and their clients in the automotive and construction industry.

The loss was bigger than an average forecast of 445 million yuan loss from six analysts polled by Reuters and compared with a restated profit of 1.14 billion yuan in the same period last year.

For the first half of this year, it posted a loss of 3.52 billion yuan against a restated net profit of 2.39 billion yuan a year ago and a mean forecast of 2.4 billion yuan loss.


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