CORRECTED-UPDATE 1-Novelis posts loss; sees demand rising

Thu May 24, 2012 11:38am EDT

* Q4 net loss $107 mln vs net profit $50 mln last year

* Q4 sales fall 12 pct

* Sees higher FY13 EBITDA

May 24 (Reuters) - Novelis, the U.S. unit of India's largest aluminum producer HindalCo Industries Ltd, posted a quarterly loss, hurt by lower average aluminum prices and sales.

However, the company expects a rise in demand for aluminum-rolled products in Asia, driven primarily by China, over the next five years.

The Atlanta-based aluminum products maker forecast fiscal year 2013 earnings before interest, taxes, depreciation and amortization (EBITDA) above the $1.05 billion it reported in 2012.

For the fourth quarter, net loss attributable to common shareholders was $107 million, compared with net profit of $50 million, last year.

Sales dropped 12 percent to $2.6 billion.

Shipments of aluminum-rolled products fell 4 percent, hurt by soft demand in Europe.