SHANGHAI, Aug. 28 (SMM) – Chalco reversed losses in H1 thanks to falling production costs, it said in its interim report filed to the Shanghai Stock Exchange.
The Chinese aluminum giant reported 28 million yuan in net profit during H1, a sharp reversal from 4.12 billion yuan net loss it suffered a year ago. Production costs for Chalco’s major products fell 6%-10% year-on-year, the major contributor to positive earnings, it said.
The company posted 66.09 billion yuan in revenues during H1, down 4.01 billion from a year earlier, due to falling sales volumes.
Chalco produced 6.29 million tonnes of alumina in H1, up 4.83% year-on-year; and produced 1.74 million mt of primary aluminum, also up 6.75% on the year, its earnings report showed.
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