RUSAL Posts H1 Net Loss on Weak Aluminium Prices - Paper

MOSCOW, Oct. 26 -- UC RUSAL, controlled by indebted Russian billionaire Oleg Deripaska, posted a net loss of $720 million in the first half of 2009, dented by low world aluminium prices and a weaker rouble, the Vedomosti business daily reported on Monday.

    The world's top aluminium producer posted a $160 million loss before interest, tax, depreciation and amortization (EBITDA) for January-June on revenue of $3.76 billion, the newspaper said, citing a company presentation to investors.

    RUSAL is preparing a $2 billion initial public offering in Hong Kong as part of its recovery plan, sources have told Reuters. Media have reported it is also eyeing a placement in Paris.

    Last week, the company's management met investors and analysts interested in the IPO, which is being coordinated by BNP Paribas and Credit Suisse, according to Vedomosti.

    RUSAL, whose outstanding debts total around $16.8 billion, will use the IPO proceeds to reduce its debts.

    For the full year 2008, RUSAL had posted a loss of $5.98 billion on revenue of $15.68 billion, the paper said.

    (Source: Reuters)