
Aluminum Corporation of China Limited (CHALCO) announced that its net profit stood at RMB444.9 million in the first quarter of 2019, up 46 per cent from RMB304.5 million in the first quarter of 2018, as aluminium prices stabilised and asset disposals swelled its bottom line.
Revenue for January-March increased 20.7 per cent year-on-year on higher production. Revenue came in at RMB44.11 billion, according to a filing to the Hong Kong stock exchange.
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CHALCO‘s aluminium production in the three month period of 2019 dropped 6.9 per cent year-on-year, underlining the impact low prices are having on its operations. Aluminium production stood at 950,000 tonnes, down from 1.02 million tonnes in the three month period of 2018, said CHALCO in the data sheet released on Tuesday and reviewed by Reuters.
Alumina production for the quarter came in at 3.51 million tonnes, an increase of 10 per cent year-on-year, according to the data sheet.
CHALCO did not immediately respond to a request for comment on the production numbers.
CHALCO last year overtook United Company Rusal as the world's second-biggest listed producer of aluminium, churning out 4.17 million tonnes.
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