Rusal Aughinish alumina refinery returns to profit with $15.59 pre-tax profit

The largest refinery in Europe, the Rusal Aughinish on the Shannon Estuary announced a pre-tax profit of $15.59 last year recording their return to profits.

Ireland’s largest manufacturing site managed this feat by cutting back their defined benefit pension scheme which brought in an exceptional gain of $25.39.

The Limerick Alumina Refining Ltd and other subsidiaries reported a 4% increase in revenues, from $586 to $607.88m at the end of last year. The recorded pre-tax profits are including the non-cash depreciation of $28.9 million.

The company that recorded a pre-tax profit last year hand suffered a pre-tax loss of $10.4 million in 2012. The positive swing of the company in one year has been worth $25.9 million.

According to the directors’ report, the company entered an agreement in October 2, 2013 “to cease contributions to the scheme and to transfer employees’ entitlements in the defined benefit scheme to a defined contribution scheme. As a result, a curtailment gain of $25.39m has been recognized.”