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Rising costs trim Chalco profits
By Richard Fu |
March 1, 2011, Tuesday
|
Online Edition
Online Edition
ALUMINUM Corp of China Ltd (Chalco), the nation's largest producer of the light metal, posted a lower-than-expected profit as rising production costs offset higher product prices.
Net profit was 247.4 million yuan (US$37.6 million) in the second half of last year, reversing a loss of 1.1 billion yuan in the same period of 2009, according to calculations based on its annual results released today.
High costs and excess capacity will keep profitability in the domestic aluminum sector at low level, Chairman Xiong Weiping said at a briefing in Shanghai.
China's aluminum output may reach 19 million tons this year, compared with an estimated demand of 18 million tons, Xiong said.
A Goldman Sachs report said as Chalco's production remained at a very high level, "any further investment in its alumina/aluminum business would likely not be profitable in the near term."
Chalco's full-year profit was 778 million yuan on sales of 121 billion yuan.
Chalco rose 3.07 percent to 11.08 yuan in Shanghai stock market at noon break.
Net profit was 247.4 million yuan (US$37.6 million) in the second half of last year, reversing a loss of 1.1 billion yuan in the same period of 2009, according to calculations based on its annual results released today.
High costs and excess capacity will keep profitability in the domestic aluminum sector at low level, Chairman Xiong Weiping said at a briefing in Shanghai.
China's aluminum output may reach 19 million tons this year, compared with an estimated demand of 18 million tons, Xiong said.
A Goldman Sachs report said as Chalco's production remained at a very high level, "any further investment in its alumina/aluminum business would likely not be profitable in the near term."
Chalco's full-year profit was 778 million yuan on sales of 121 billion yuan.
Chalco rose 3.07 percent to 11.08 yuan in Shanghai stock market at noon break.
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