Arab Today, arab today rusal fourth quarter profits dive on low aluminium prices
Last Updated : GMT 11:22:00
Arab Today, arab today
Arab Today, arab today

Rusal fourth quarter profits dive on low aluminium prices

Arab Today, arab today

Arab Today, arab today Rusal fourth quarter profits dive on low aluminium prices

Rusal swings to profit in 2015 despite low aluminium prices
Hong Kong - AFP

Russian aluminium giant Rusal said Wednesday a plunge in the price of the metal hit revenues last year as fourth-quarter net profit dived but said it was confident demand would pick up in 2016.

The cost of aluminium fell to a six-year low in late 2015, Bloomberg News reported, with supply exceeding demand by 300,000 tonnes as Chinese production surged.

The European Union Chamber of Commerce warned last month that China's overcapacity in producing metals was wreaking "far reaching" damage on the global economy.

The nation's steel industry manufactures more than the next four largest producers combined -- Japan, India, the US, and Russia.

The Hong Kong-listed Rusal saw revenue slip 7.2 percent year on year to $8.68 billion in 2015. And it posted a net loss in final three months of $267 million, widening from $102 million a year earlier.

But the Moscow-based firm pinned its hopes on continued growth in demand for the metal.

"Rusal expects that the global aluminium demand will continue its growth at a healthy 5.7 percent during 2016... as a result of a strong demand growth in North America, Europe and Asia," it said in a filing to the Hong Kong stock exchange.

"Chinese growth is expected to continue to be strong," it added.

Despite the weak end to the year, Rusal posted a net profit of $558 million for the 12 months to December 31, compared with a net loss of $91 million in 2014. The positive figures were boosted by lower administrative and distribution expenses, with total liabilities down 9.5 percent.

Aluminium output was also flat, edging up 1.2 percent to 3.65 million tonnes as the firm said in February it was mulling production cuts to support prices.

Rusal shares closed down 2.5 percent at HK$2.73 in Hong Kong following the announcement.

China Hongqiao Group surpassed Rusal as the world's biggest producer of aluminium in the first half of last year.

 

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 rusal fourth quarter profits dive on low aluminium prices Arab Today, arab today rusal fourth quarter profits dive on low aluminium prices

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 09:49 2017 Saturday ,18 February

Qatar Stock Exchange Index Gains 190.17 Points This Week

GMT 09:15 2017 Friday ,17 February

Asia stocks retreat after week-long Trump rally

GMT 08:14 2017 Friday ,17 February

Bahrain Bourse daily trading report

GMT 21:28 2017 Thursday ,16 February

US Stocks End High on Tuesday

GMT 21:18 2017 Thursday ,16 February

Chinese Yuan Strengthens to 6.8632 Against USD Wednesday

GMT 09:55 2017 Thursday ,16 February

Robust Omani Riyal exchange rate affirmed
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
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