Steel Guru
CHALCO warns of further losses
Edited by : AL CIRCLE
1 min read
Reuters reported that Aluminum Corporation of China Limited net loss of CNY 1.09 billion for the Q1 dented by higher costs and lower prices for the lightweight metal.
Chalco, the country's top aluminium maker also warned of a loss for its first half ending June 2012 due to weak prices and high raw material prices.
It reported 19% rise in revenue to CNY 33.6 billion in the 3 months ended March but the net loss was worse than analysts had expected with UBS forecasting a loss of CNY 750 million. Last year the company made a net profit in the same period of CNY 331.17 million.
The state owned aluminium maker had warned of losses in the Q1 and analysts forecast aluminium prices to be flat while China's aluminium market would move into surplus this year with more new low cost capacity coming on stream.
Chalco, the country's top aluminium maker also warned of a loss for its first half ending June 2012 due to weak prices and high raw material prices.
It reported 19% rise in revenue to CNY 33.6 billion in the 3 months ended March but the net loss was worse than analysts had expected with UBS forecasting a loss of CNY 750 million. Last year the company made a net profit in the same period of CNY 331.17 million.
The state owned aluminium maker had warned of losses in the Q1 and analysts forecast aluminium prices to be flat while China's aluminium market would move into surplus this year with more new low cost capacity coming on stream.
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