MELBOURNE, July 13 -- Alumina Ltd. shares rose in Sydney trading after its partner Alcoa Inc., the largest U.S. aluminum producer, reported second-quarter profit that topped analysts’ expectations.
Alumina gained 2.3 percent to A$1.585 at 10:17 a.m. Sydney time on the Australian stock exchange. The Melbourne-based company and New York-based Alcoa are partners in the Alcoa World Alumina & Chemical venture, the world's biggest producer of the material used to make aluminum.
Alcoa yesterday said its earnings from continuing operations were 13 cents a share, exceeding the 11-cent average estimate of 17 analysts surveyed by Bloomberg. Sales gained 22 percent to $5.19 billion. Aluminum for delivery in three months on the London Metal Exchange averaged 39 percent higher in the quarter from a year earlier.
AWAC produces one quarter of the world's alumina. The venture is expected to produce 15.6 million metric tons of alumina this year, down 200,000 tons from an earlier forecast, Alumina said today in a statement.
Alumina is scheduled to report its first-half earnings on Aug. 10.