27 FEBRUARY 2015AlCircle.com
Alumina Limited reports net loss for the year 2014
Edited by : AL CIRCLE
1 min read
Australia’s Alumina Limited reported a net loss of $US 98.3 million for the year 2014 ending in December while in 2013, the company had reported a profit of $US 500,000.
Two major changes for the company in 2014 have been the sale of stakes in Jamaica’s Jamalco refinery and the closure of Point Henry smelter in Victoria, Australia.
The costs incurred in the activities have titled the company’s report towards loss otherwise there were reports of underlying earnings reported by the company encouraging them to reinstate their dividend. Without the extra costs there would have been a profit of $US 91.9m to $US 61.5m higher than the previous year.
The shuttering of the Point Henry smelter, a key asset for Alumina, has been a setback for the company. Alcoa said that the decision to close the smelter was taken as the plant was no longer financially viable.
Alumina hopes the company will recover soon with improved alumina demand from China, in the meanwhile the company is continuing to pay down its debt.
Two major changes for the company in 2014 have been the sale of stakes in Jamaica’s Jamalco refinery and the closure of Point Henry smelter in Victoria, Australia.
The costs incurred in the activities have titled the company’s report towards loss otherwise there were reports of underlying earnings reported by the company encouraging them to reinstate their dividend. Without the extra costs there would have been a profit of $US 91.9m to $US 61.5m higher than the previous year.
The shuttering of the Point Henry smelter, a key asset for Alumina, has been a setback for the company. Alcoa said that the decision to close the smelter was taken as the plant was no longer financially viable.
Alumina hopes the company will recover soon with improved alumina demand from China, in the meanwhile the company is continuing to pay down its debt.
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