Novelis posts loss; sees demand rising
(Reuters) - Novelis, the U.S. unit of India's largest aluminum producer HindalCo Industries Ltd (HALC.NS), 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.
(Reporting by Durba Ghosh in Bangalore; Editing by Maju Samuel)
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