Bloomberg: Chalco Swings to Quarterly Loss; First-Half Remains Unprofitable

Aluminum Corp. (2600) of China Ltd., the nation’s biggest producer of the lightweight metal, swung to a loss in the first quarter and said it may be unprofitable in the first half because of weak prices and higher fuel costs. Net loss was 1.09 billion yuan ($173 million), compared with a profit of 331.2 million yuan a year earlier, the Beijing-based company said today in a statement to the Shanghai stock exchange. Sales climbed 19 percent to 33.6 billion yuan. Aluminum prices in London fell 12 percent in the first quarter from a year earlier as a slowing global economy curbed demand amid an industry overcapacity. Chalco Chief Executive Officer Xiong Weiping plans to diversify into rare earths, coal and iron ore as profit margins shrink in its aluminum business. To read the full article, click hereChalco Swings to Quarterly Loss; First-Half Remains Unprofitable

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