Shanghai Metals Market
Rusal 2011 Net Falls 92%; Swings To 4Q Net Loss
Edited by : AL CIRCLE
1 min read
United Co. Rusal PLC (0486.HK) swung to a fourth-quarter net loss in 2011, the Russian aluminum giant said Monday, because of lower aluminum prices and high debt-sevicing costs.
The company posted a net loss of US$974 million for the October-December period in 2011 compared with a net profit of US$1.45 billion the previous year.
The world's largest aluminum producer by output, which listed on the Hong Kong stock exchange in January last year, said its net profit for the 12 months ended Dec. 31 was US$237 million, down 92% from a net profit of US$2.87 billion the year before, partly due to a reduction in the carrying value of its investment in OAO Norilsk Nickel (GMKN.RS). The full-year net profit was much lower than the average US$2.04 billion forecast of 12 analysts polled by Thomson Reuters.
Its 2011 revenue rose 12% to US$12.29 billion from US$10.98 billion.
In a separate statement the company said it has appointed Maxim Sokov as executive director, replacing Tatiana Soina effective March 16.
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