Russia's RUSAL Q2 net returns to black, beats f'cast

HONG KONG/MOSCOW Aug 31 (Reuters) - Russia's United Company RUSAL (0486.HK), the world's top aluminium producer, said on Tuesday it returned to the black in the second quarter, thanks to higher output and better prices of the lightweight metal.

RUSAL (RUAL.PA), which listed in Hong Kong in January, posted a net profit of $1.02 billion for the three months ended June, beating an average forecast of $478 million from eight analysts polled by Reuters.

The net compared with a loss of $230 million a year ago and was up from the first quarter profit of $247 million. It earned a net profit of $1.27 billion in the first half versus a loss of $868 million a year ago, the company said in a filing to the Hong Kong stock exchange.

RUSAL outperformed Chinese rival, Aluminum Corp of China (2600.HK) (Chalco), which returned to the red in the second quarter due to higher costs and a supply glut at home. [ID:nTOE67L00D]

Shares of RUSAL ended Monday up 0.66 percent to HK$7.65 in line with a broader market rally. They have traded under their initial public offering price of HK$10.8 since they were listed in Jaunary on concerns over its heavy debt position. (Reporting by Alison Leung; Editing by Ken Wills)