Chalco swings into 'substantial' loss in 2011
Source: Bloomberg News |
January 30, 2013, Wednesday
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Print Edition
Print Edition
ALUMINUM Corp of China Ltd, the nation's biggest producer of the metal, yesterday said it swung to a full-year loss on falling prices and higher costs for alumina, which is used to produce the lightweight metal.
The Beijing-based company reported a "substantial" loss in the year ended on December 31, compared with net income of 238 million yuan (US$38.2 million) in 2011, according to a filing to the Shanghai Stock Exchange, which didn't provide 2012 numbers. Aluminum Corp, also known as Chalco, usually announces complete earnings in March.
Aluminum prices fell about 7 percent last year. Limited supply of bauxite, a raw material, led to a 4 percent gain in costs for alumina production, Chalco said. The producer of aluminum, used in cars and beverage cans, in October posted a 1.08 billion yuan third-quarter loss, against a profit of 555 million yuan a year earlier.
The company will continue to lower costs by increasing self sufficiency in mining and power generation and streamlining purchasing, it said in the statement. Chalco's investments in coal and power projects will help improve profits, according to the statement.
Chalco shares gained 0.5 percent yesterday to HK$3.75 (US$0.48) at the close in Hong Kong. They have dropped 7.9 percent in the past year, compared with a 15 percent rise in the Hang Seng Index. The announcement was made after trading ended.
The company has sought to diversify coal and iron ore mining to cut its dependence on aluminum smelting. Chalco dropped an offer to buy Vancouver-based SouthGobi Resources Ltd, which mines coal in Mongolia, for C$925 million (US$919 million) in September.
The Beijing-based company reported a "substantial" loss in the year ended on December 31, compared with net income of 238 million yuan (US$38.2 million) in 2011, according to a filing to the Shanghai Stock Exchange, which didn't provide 2012 numbers. Aluminum Corp, also known as Chalco, usually announces complete earnings in March.
Aluminum prices fell about 7 percent last year. Limited supply of bauxite, a raw material, led to a 4 percent gain in costs for alumina production, Chalco said. The producer of aluminum, used in cars and beverage cans, in October posted a 1.08 billion yuan third-quarter loss, against a profit of 555 million yuan a year earlier.
The company will continue to lower costs by increasing self sufficiency in mining and power generation and streamlining purchasing, it said in the statement. Chalco's investments in coal and power projects will help improve profits, according to the statement.
Chalco shares gained 0.5 percent yesterday to HK$3.75 (US$0.48) at the close in Hong Kong. They have dropped 7.9 percent in the past year, compared with a 15 percent rise in the Hang Seng Index. The announcement was made after trading ended.
The company has sought to diversify coal and iron ore mining to cut its dependence on aluminum smelting. Chalco dropped an offer to buy Vancouver-based SouthGobi Resources Ltd, which mines coal in Mongolia, for C$925 million (US$919 million) in September.
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