
With the LME cash official aluminium price rising 11.4 per cent year-to-date and 16.7 per cent year-on-year to US$1,909 per tonne at the end of June 2017, Rusal’s profit more than doubled reaching US$283 million during the second quarter of the current financial year.
The world’s second largest aluminium producer by annual output improved revenue by 24 per cent year-on-year to US$2.47 tonnes. Net debt at the end of the quarter stood largely unchanged at US$8.34 billion. The company said it would pay an interim dividend of US$0.0197 per share totalling up to US$300 million (estimated).
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Rusal’s revenue for the three months ended June 30 was US$2,467 million, compared to US$1,982 million in the same period previous year. For the six months ended June30, the company’s revenue rose to US$4,764 million from US$3,896 million in the corresponding period previous year.
Adjusted net profit for the second quarter of the current financial year stood at US$202 million, up from US$40 million in the previous year. For the six months ended June 30, adjusted net profit was US$465 million, up from US$67 in the previous year. Rusal’s adjusted net profit for Q2 has however dropped quarter-on-quarter. In Q1 ended March 31, adjusted net profit was uD$263 million.
Cumulative aluminium production at all Rusal smelters continued to increase on a quarterly basis. The company produced 921,000 tonnes of primary aluminium in Q2 against 919,000 tonnes in Q1 2017. During the six months ended 30 June 2017, Rusal’s primary metal production reached 1.831 million tonnes, slightly down from 1.835 million tonnes in the same period of 2016. The production decrease is explained by an extra day of production in 2016 resulted from the leap year.
"Looking ahead to the second half of the year, our outlook for the aluminium industry is positive. Consumption of aluminium is set to remain healthy until the end of the year, increasing by 5.9% for the whole 2017," said UC Rusal CEO Vladislav Soloviev.
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