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Novelis Expects a Rise in Demand despite Reporting a Quarterly Loss
Edited by : AL CIRCLE
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Novelis, the US unit of India's largest aluminum producer Hindalco Industries Ltd , posted a quarterly loss, hurt by lower average aluminum prices and sales.
However, the company expects a rise in demand for aluminum-rolled products in Asia, driven primarily by China, over the next five years.
The Atlanta-based aluminum products maker forecast fiscal year 2013 earnings before interest, taxes, depreciation and amortization above the USD 1.05 billion it reported in 2012.
For the fourth quarter, net loss attributable to common shareholders was USD 107 million, compared with net profit of USD 50 million, last year.
Sales dropped 12% to USD 2.6 billion.
Shipments of aluminum-rolled products fell 4%, hurt by soft demand in Europe.
However, the company expects a rise in demand for aluminum-rolled products in Asia, driven primarily by China, over the next five years.
The Atlanta-based aluminum products maker forecast fiscal year 2013 earnings before interest, taxes, depreciation and amortization above the USD 1.05 billion it reported in 2012.
For the fourth quarter, net loss attributable to common shareholders was USD 107 million, compared with net profit of USD 50 million, last year.
Sales dropped 12% to USD 2.6 billion.
Shipments of aluminum-rolled products fell 4%, hurt by soft demand in Europe.
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