26 MARCH 2015Shanghai Metal Market
Chalco posts largest-ever loss in 2014 on lower aluminum prices
Edited by : AL CIRCLE
1 min read
Aluminum Corp of China Ltd (Chalco), the country’s top aluminum producer, swung into its largest-ever loss in 2014 due to lower aluminum and alumina prices, it said in a filing on the Shanghai Stock Exchange yesterday.
The Chinese aluminum giant suffered net loss of 16.2 billion yuan ($2.6 billion) in 2014, a sharp reversal from a profit of 948 million yuan in 2013, its earnings report showed.
The average price for the most active SHFE aluminum contract dropped 6.13% year-on-year to 13,697 yuan/tonne in 2014 due to overcapacity, the major reason behind its losses, it said.
Alumina prices in China sank to 2014’s bottom in Q1 as massive closures of hurt alumina demand. However, prices rebounded later in the year since aluminum capacity restarts and expansions boosted alumina demand. The average alumina price gained 1.76% on the year to 2,541 yuan/tonne in 2014.
Chaclo reported 141.7 billion in revenues in 2014, down 18.07% from a year ago, due to stripping of aluminum processing business in mid-2013, as well as lower sales prices and volumes, it said.
The Chinese aluminum giant suffered net loss of 16.2 billion yuan ($2.6 billion) in 2014, a sharp reversal from a profit of 948 million yuan in 2013, its earnings report showed.
The average price for the most active SHFE aluminum contract dropped 6.13% year-on-year to 13,697 yuan/tonne in 2014 due to overcapacity, the major reason behind its losses, it said.
Alumina prices in China sank to 2014’s bottom in Q1 as massive closures of hurt alumina demand. However, prices rebounded later in the year since aluminum capacity restarts and expansions boosted alumina demand. The average alumina price gained 1.76% on the year to 2,541 yuan/tonne in 2014.
Chaclo reported 141.7 billion in revenues in 2014, down 18.07% from a year ago, due to stripping of aluminum processing business in mid-2013, as well as lower sales prices and volumes, it said.
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