rusal fourth quarter profits dive on low aluminium prices
Last Updated : GMT 13:26:10
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.

 

arabstoday
arabstoday

GMT 03:39 2017 Friday ,24 November

European markets wobble amid US Thanksgiving holiday

GMT 22:09 2017 Thursday ,23 November

Bahrain Bourse daily trading performance

GMT 02:02 2017 Thursday ,23 November

Asian markets rally after Wall St lead, euro struggles

GMT 22:40 2017 Wednesday ,22 November

Bahrain Bourse daily trading performance

GMT 11:50 2017 Tuesday ,21 November

European stocks shrug off Germany's political woes

GMT 03:59 2017 Tuesday ,21 November

Weekly inflation decreases by 0.88%

GMT 23:50 2017 Monday ,20 November

Bahrain Bourse daily trading performance

GMT 14:54 2017 Sunday ,19 November

Bahrain Bourse daily trading performance
Arab Today, arab today
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*

rusal fourth quarter profits dive on low aluminium prices rusal fourth quarter profits dive on low aluminium prices

 



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*

rusal fourth quarter profits dive on low aluminium prices rusal fourth quarter profits dive on low aluminium prices

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today PNG police start removing refugees

GMT 03:00 2017 Friday ,24 November

PNG police start removing refugees
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Solaf happy for participating in “Hotline”

GMT 07:56 2017 Wednesday ,22 November

Solaf happy for participating in “Hotline”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 09:12 2017 Thursday ,23 November

4 in 10 cancers due to modifiable risk

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
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