Arab Today, arab today aluminium giant rusal swings to profit in q1
Last Updated : GMT 16:24:37
Arab Today, arab today
Arab Today, arab today

Aluminium giant Rusal swings to profit in Q1

Arab Today, arab today

Arab Today, arab today Aluminium giant Rusal swings to profit in Q1

General view of Rusal's aluminum smelter in Sayanogorsk
Hong Kong - AFP

Rusal, the world's largest aluminium producer, said on Wednesday it swung into the black in the first three months of 2015 thanks to a weaker ruble and cost controls, although it warned weak prices would pose a challenge in future.

The Hong Kong-listed Russian company posted a net profit of $228 million in the three months ending March 31, compared with a $246 million loss for the same period last year.

"The company's first quarter of 2015 results demonstrate that our strategy to focus on efficiency and our value added products portfolio is paying off," chief executive Vladislav Soloviev said in a statement to the city's bourse.

Its operations saw revenue rise 16.7 percent to $2.48 billion while costs were reduced 7.5 percent year-on-year partly thanks to a depreciation in the ruble against the US dollar, the Moscow-based firm reported.

The company also decreased its net debt by $213 million in the quarter.

"The key factors driving our results were our supply discipline and cost control, strongly supported by local currency depreciation," Soloviev said.

The company noted however the industry was facing a "challenging" period with falling prices partly due to rising imports from China and fears over a supply glut.

The average London Metals Exchange aluminium price fell 8.5 percent quarter on quarter , with a "downward trend" on product premiums across all key markets, the company said.

The "competitive landscape becomes fiercer", Soloviev said.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today aluminium giant rusal swings to profit in q1 Arab Today, arab today aluminium giant rusal swings to profit in q1

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today aluminium giant rusal swings to profit in q1 Arab Today, arab today aluminium giant rusal swings to profit in q1

 



Arab Today, arab today Etiquette expert calls for short visits

GMT 16:21 2017 Monday ,26 June

Etiquette expert calls for short visits
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday