Rusal owned Aughinish Alumina returns to profit in 2015

According to an Aluminium Insider report, Rusal's Aughinish Alumina in Ireland is back in profits as the alumina producer has succeeded in pulling off a significant reversal in its bottom line. The firm reported a US$14.4 million pretax profit after posting a US$12.1 million loss the previous year.

As per the financial report, "The alumina refinery operation was steady and reliable throughout 2015." The turnover took a hit to reach US$688 million from last year's US$719 million.

In 2014, Aughinish Alumina plant owner Limerick Alumina Refining Limited entered into an agreement with Glencore which previously owned the plant to produce aluminium and was paid US$400 million as tender amount in advance.  An interest of US$14.4 million was charged on the advance last year to take the total due by the end of 2015 to US$186.4 million.

Human resource related costs at Aughinish Alumina Limited also witnessed a drop in 2015 to €49.2 million, down from €55.1 million the previous year. The firm, the report says, credits lower energy and raw material prices in order to return to profits.

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Limerick Alumina Refining, which wholly owns Aughinish Alumina plant, is owned by Rusal Aughinish Holdings Ltd. Rusal Aughinish, in turn, is owned by United Company Rusal, the second largest aluminium producer of the world.