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Alumina's JV partner sees rise in income
Edited by : AL CIRCLE
1 min read
Alumina's joint venture partner Alcoa increased its second quarter earnings as an improving manufacturing sector drove higher sales and prices.
US-based Alcoa reported net income of $US322 million ($A303 million) in the three months to June 30, up from $US136 million in the previous corresponding period.
It said improved sales and prices for aluminium and alumina were partially offset by rising raw material costs.
Advertisement: Story continues below Alcoa said it still expected 12 per cent growth in global aluminum demand this year.
Melbourne-based Alumina has a 40 per cent stake in Alcoa World Alumina and Chemicals (AWAC), with Alcoa holding the other 60 per cent.
Alumina said it received $US86 million in fully franked dividends from the joint venture during the quarter, which compares to $US95 million in the previous corresponding period.
US-based Alcoa reported net income of $US322 million ($A303 million) in the three months to June 30, up from $US136 million in the previous corresponding period.
It said improved sales and prices for aluminium and alumina were partially offset by rising raw material costs.
Advertisement: Story continues below Alcoa said it still expected 12 per cent growth in global aluminum demand this year.
Melbourne-based Alumina has a 40 per cent stake in Alcoa World Alumina and Chemicals (AWAC), with Alcoa holding the other 60 per cent.
Alumina said it received $US86 million in fully franked dividends from the joint venture during the quarter, which compares to $US95 million in the previous corresponding period.
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