20 FEBRUARY 2014AlCircle.com
Alumina Ltd swings back to profit
Edited by : AL CIRCLE
2 min read
Alumina Ltd has swung back to profits but warned that the market conditions for aluminium will remain challenging throughout this year.
Last year, Alumina made a net profit of $US500, 000, a much better turnaround compared to its $US55.6 million loss in 2012.
At the same time the joint venture of Chemicals (AWAC) and Alcoa World Alumina recorded a total revenue of $US5.885 billion, a bit higher than $US5.815 billion the last year.
AWAC is a joint venture between Alumina (40%owned) & Alcoa Inc (60 %owned).
Alumina did not pay the final dividend.
Peter Wasow , the chief executive officer of Alumina said the net profit of the group was a significant improvement last year.
"Despite challenging market conditions, Alumina’s overall financial position improved over the year and its balance sheet strengthened," he said.
"The AWAC joint venture delivered a sound operating performance due to strong cost control and ongoing net productivity gains and the strengthening US dollar, especially against the Australian dollar."
Alumina said the net debt of the company fell from $US529 million to $US135 million while the gearing reduced to 4.6% in the year.
In 2014till now, Alumina had received $US34 million as the capital repayments from AWAC.
Last year, Alumina made a net profit of $US500, 000, a much better turnaround compared to its $US55.6 million loss in 2012.
At the same time the joint venture of Chemicals (AWAC) and Alcoa World Alumina recorded a total revenue of $US5.885 billion, a bit higher than $US5.815 billion the last year.
AWAC is a joint venture between Alumina (40%owned) & Alcoa Inc (60 %owned).
Alumina did not pay the final dividend.
Peter Wasow , the chief executive officer of Alumina said the net profit of the group was a significant improvement last year.
"Despite challenging market conditions, Alumina’s overall financial position improved over the year and its balance sheet strengthened," he said.
"The AWAC joint venture delivered a sound operating performance due to strong cost control and ongoing net productivity gains and the strengthening US dollar, especially against the Australian dollar."
Alumina said the net debt of the company fell from $US529 million to $US135 million while the gearing reduced to 4.6% in the year.
In 2014till now, Alumina had received $US34 million as the capital repayments from AWAC.
Grow with
AL Circle
