RUSAL posts 266pc drop in recurring Q2 profit

PUBLISHED : Monday, 19 August, 2013, 10:31am
UPDATED : Monday, 19 August, 2013, 11:03am

Russia’s United Company RUSAL, the world’s largest aluminium producer, reported a 266 per cent drop in second-quarter recurring net profit on Monday, far weaker than forecasts as aluminium prices continued to fall.

RUSAL , which competes with US aluminium maker Alcoa, posted a recurring net loss of US$208 million in the three months ended June, compared with an average forecast loss of US$142 million according to a poll from seven banks and brokerages polled by Reuters.

This compared with a revised recurring net profit of US$125 million for the same period a year earlier.

Recurring net profit is defined as adjusted net profit plus the company’s net effective share in Russian miner Norilsk Nickel.

RUSAL’s total net loss in the first half of the year was US$439 million, the company said in a statement.