Chalco reports net profit of $8.62 million for H1 2016

<p>On Thursday, August 25, Aluminium Corporation of China Ltd (Chalco) reported the results for the first half of 2016. The company posted a sharp rise in net profit mainly because of a general recovery in aluminium prices during the first half of the year.<br /><br />As reported in a filing on the Shanghai stock exchange, the state-controlled leading producer of primary aluminium and alumina in China has posted a net profit of 57.4 million yuan ($8.62 million) for H1 2016 compared with 1.5 million yuan profit for the same period of 2015.<br /><br /><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/GraphEngine.png" alt="News" width="512" height="366" />Prices of LME aluminium gained about 10 per cent in the first half of the year. Compared to LME, Shanghai aluminium prices rose around 13 per cent. Though it is a positive growth, the levels are generally still lower when compared to the same period of 2015.<br /><br />Considering the falling aluminium prices and to give support to it by controlling supply, aluminium smelters in China, the world's largest producer and consumer of aluminium, cut substantial output late last year.<br /><br />In another news report from SMM, China Aluminum International Trading Co. (Chalco Trading) cut aluminum prices&nbsp; in three major markets on August 25 after a hike in the previous day.<br /><br /><em>Unit: yuan/tonne&nbsp;</em> &nbsp;<br /><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/chalco.jpg" alt="News" width="433" height="144" /> <em>Note: Chalco Trading is a full subsidiary under Chalco&nbsp;&nbsp;&nbsp; responsible for alumina and aluminum sales.</em></p>