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Home / Metal News / Chalco Reverses Losses in Q1 on Lower Costs

Chalco Reverses Losses in Q1 on Lower Costs

Apr 29, 2015 10:21

Source:SMM

Chalco reversed losses in Q1 2015 by posting a net profit of 63.07 million yuan ($10.3 million), it said in its earnings report filed to the Shanghai Stock Exchange.

SHANGHAI, Apr. 29 (SMM) – Chalco reversed losses in Q1 2015 by posting a net profit of 63.07 million yuan ($10.3 million), it said in its earnings report filed to the Shanghai Stock Exchange.

Although its revenues fell 22.28% from a year ago to 27.39 billion yuan, falling production costs drove the Chinese aluminum giant back into the black. Its production costs for aluminum and alumina dropped 7% and 8%, respectively, from a year ago.

Besides, its efforts in rounding up product portfolio in aluminum plate/sheet segment might also have contributed to the shinny results.

China dediced to cut power rates for industrial and commercial users by an average 0.018 yuan ($0.00294)/Kwh. The country will also remove provisional export tax on aluminum bar and rod from May 1, 2015. These favorable policies will help cut production costs and favor exports for Chalco.

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Chalco Q1 results

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