Rusal aluminium reports third-quarter profit jump

14th November 2011, Comments 0 comments

Russia's United Company Rusal said on Monday that its third-quarter net profit jumped to $432 million (315.3 billion euros) from the equivalent figure last year despite economic downturn and volatile prices.

The company, the world's top aluminium maker, said its net profit for the three months ended September 30 totalled $432 million compared to $29 million for the same period a year ago.

"Market uncertainty and anticipation of another global economic downturn have put significant pressures on the aluminium industry in the third quarter of 2011," it said in a statement.

"Despite the volatile metal prices, UC Rusal has nevertheless achieved impressive results during the period," it said, chalking up its improved performance to better cost efficiency and a refinancing of its debt, among other factors.

UC Rusal, whose shares are listed on the Hong Kong stock exchange, said in September it had signed agreements to refinance much of its debt accumulated in the financial crisis in 2008-2009.

Third-quarter adjusted earnings before interest, taxes, depreciation and amortization increased 25% to $705 million from $564 million from a year ago.

© 2011 AFP

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