Higher Aluminium Prices Lifted Rusal

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Monday, 14 November 2011 08:07

Written by Patrick Chang

Theindonesiatoday.com - The world's largest aluminium producer United Company Rusal Plc booked adjusted net profit of US$290 million in the third quarter of 2011, doubled from the same period last year following strong operating results.

The company told HK Stock Exchange this morning that revenues increased by 16.8% to US$3.16 billion in the period, mainly due to an increase in sales prices and a record level of realized premiums of US$164 per ton over LME aluminium price.

For nine months of 2011, Rusal reported 18% growth in sales revenue to US$9.48 billion, while adjusted net profit soared 43% to US$847 million.

Rusal sold 3.06 million tons of aluminium, 6.07 million tons of alumina, and 10.17 million tons of bauxite in nine months of 2011. The averaged aluminium price quoted on the London Metals Exchange (LME) was US$2,498 per ton for nine months of 2011, increased 18% from the same period last year, while alumina price grew 16.5% to US$388 per ton.

China was the largest market for aluminium with total demand of 14.5 million tons in nine months of 2011 or about 43% of the world's total. Global demand for the commodity increased 10% in nine months of 2011, while China surged 18%. (Theindonesiatoday.com)

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