Profit of Rusal highly increased in Q3 2011
The largest aluminum producer in the world - Russian company Rusal, today announced better than expected results in the third quarter. This happens despite the deteriorating prospects for the global economy, pushing down the price of aluminum. In the third quarter of 2011 Rusal profit amounted to 432 million dollars after the same period of last year's positive result was much more modest - 29 million USD. Net profit adjusted for the share in Norilsk Nickel capital increases from 143 to 290 million USD. A positive result before interest, taxes, depreciation and amortization increased by 25% yoy to 705 million dollars in preliminary expectations of analysts for 661 million USD.
"The global automotive market remains a key driver for the increase in demand for aluminum. The construction sector remained weak in the leading economies, except China, and manufacturing of aluminum products in Europe is slowing", explains in communique the business managements of Rusal. The company predicts that by 2011 demand for aluminum will increase by 13% over the previous year and will reach 46 million metric tons. The current price of aluminum is about 2160 dollars per metric ton. This is a decrease of about 25 per cent peak this year, reached in May.
Rusal turns back on green for the first quarter of 2010
The Russian giant blond, the world's largest aluminum producer, reported net profit of 247 million dollars for the first quarter of this year compared to a loss of 638 million dollars for the same period in 2009, Reuters reported. The improvement in results is due to the increased price of aluminum. The Group sales mark a growth of 31% annually to 2.33 billion. However, aluminum production has dropped by 4 percent for the quarter and reached 973 thousand tons, while that of aluminum oxide gave a 14 per cent to 1.8 million tonnes. According to Oleg Deripaska, who is executive director of Rusal, the company is well positioned to gradually return to previous levels of production. "Market conditions continue to improve, mainly due to the increase in demand from the U.S.," he says. In late January the company was listed in Hong Kong and Paris, as supply was monitored with great interest by investors. The Russian bank saved the company in the beginning of the year with Cheap Fixed Rate Mortgage loanfor 2 billion USD in case to prevent large bankruptcy and recession of the Russian Economy.
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