RUSAL says Q3 recurring net loss $76 mln, lags forecasts
HONG KONG |
HONG KONG Nov 12 (Reuters) - Russia's United Company RUSAL Plc, the world's top aluminium producer, posted its biggest quarterly net recurring loss since its 2010 listing as product prices extended their decline due to a global oversupply of the lightweight metal.
RUSAL , which competes with U.S. aluminium maker Alcoa Inc, reported on Monday a recurring net loss of $76 million in the three months ended September. That lagged the average forecast for a $35 million loss in a Reuters poll of nine analysts.
The figure compared with a recurring net profit of $620 million a year earlier.
Recurring net profit is defined as adjusted net profit plus the company's net effective share in the results of Russian miner Norilsk Nickel.
It made a net loss of $118 million for the three-month period against $432 million profit a year ago. It reported an adjusted net loss was $248 million versus a profit of $351 million a year earlier.
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