Friday, November 27, 2015   

Rusal says losses narrowed in Q1
(05-13 12:55)

Rusal (0486), the world's largest aluminium producer, on Tuesday said its net loss in the first three months of 2014 had narrowed sharply and signalled a pick-up in global demand for the metal.
The Hong Kong-listed Russian giant reported a loss of US$325 million in January-March, compared with a US$2.71 billion loss in the previous quarter.
Chief executive officer Oleg Deripaska said in a filing to the Hong Kong Stock Exchange that cost cutting and curtailing of inefficient capacity had led to "significant improvement'' in the firm's bottom line.
"While it is too soon to say the aluminium market has fully turned the corner, we are seeing positive trends, such as robust consumption growth,'' he said.
The firm has been hit by record-low aluminium prices triggered by excess global supply and economic uncertainty and it suffered a loss of US$3.22 billion last year owing to tumbling prices and restructuring costs.
Total revenue in the first quarter shrank US$559 million to US$2.12 billion year-on-year.
Shares in Rusal were up 2.86 percent by the break in Hong Kong.
The firm forecast global demand to surge six percent to 55 million tonnes in 2014 driven by growth in China as well as in advanced economies such as those in Europe and the United States.
The average price of aluminium has fallen to US$1,708 per tonne from US$1,769 in the previous quarter as quoted at the London Metal Exchange.
A plan announced in November last year by the London Metals Exchange to streamline deliveries of base metals have angered producers around the world and Rusal in December triggered a judicial review of the plans. --AFP
Other Business breaking news:
Greek pensioners vow to defy proposed cuts (11-27 16:52)
Skin care drug prices rocketed by 401pc since 2009, US study finds (11-27 16:48)
High flying Brazil banker held in Petrobras graft scandal (11-27 16:38)
Hang Seng tumbles at close (11-27 16:33)
Nikkei closes lower (11-27 16:31)
China stocks dive over broker investigations (11-27 15:06)
Japan's jobless rate at 20-year low, consumer spending drops (11-27 12:49)
HK, China stocks drop at mid day (11-27 12:25)
Global airlines industry predicts China’s emergence as largest travel market (11-27 12:22)
CITIC Securities confirms China regulator’s investigation (11-26 20:04)

More breaking news >>

© 2015 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2015, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.