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AL CIRCLE

Chalco’s net profits quadrupled in Q3; Aluminium production declined 5.3%

EDITED BY : 1MINS READ

Aluminum Corporation of China Limited, known as Chalco, reported 5.3% year-on-year drop in third-quarter production to 900,000 tonnes.  The primary aluminium output declined by 2.8% year-on-year to 2.76 million tonnes in the first nine months of 2020, Reuters reported.

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The company said in a Hong Kong stock exchange filing that its third quarter net profit quadrupled from a year earlier on substantial cut in operating costs. Net income stood at 416.06 million yuan for July-September, from 103.87 million yuan a year earlier. In the first nine months, net profits came in at 451.78 million yuan, down 44.3% year-on-year.

Chalco’s revenue dropped 3.5% to 49.05 billion yuan but a 5.2% cut in total cost of operations saw Chalco firmly in the black.

bauxite

The production of alumina came in at 10.74 million tonnes in January-September, up 5% year-on-year. In Q3, the output was 3.54 million tonnes, up from 3.41 million tonnes a year earlier.


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EDITED BY : 1MINS READ

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