Bloomberg News

Chalco Swings to First-Half Loss on Fuel Costs, Lower Prices

August 16, 2012

Aluminum Corporation of China Ltd., the nation’s biggest producer of the lightweight metal, swung to a first-half loss on weaker prices and higher fuel costs.

Net loss attributable to its parent company was 3.25 billion yuan ($510 million), or 0.241 yuan per share, in the first six months, compared with a profit of 412.6 million yuan a year earlier, according to a statement to the Hong Kong stock exchange today. Sales rose 9 percent to 71.7 billion yuan.

Chalco posted a loss in the first quarter after aluminum prices in London fell 12 percent in the period from a year earlier. The company said in April that it record a first-half loss as the price of the metal remains “hovering around low levels” and raw material and fuel costs remain high.

The Beijing-based company announced this week that it agreed to buy 35.3 percent of Ningxia Electric Power Group Co. for 2.02 billion yuan to increase energy self-sufficiency.

To contact Bloomberg News staff for this story: Bonnie Cao in Shanghai at bcao4@bloomberg.net

To contact the editor responsible for this story: Chua Kong Ho at kchua6@bloomberg.net


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