MELBOURNE Aug 27 (Reuters) - Russia's United Company Rusal Plc returned to profit in the June quarter for the first time in five quarters, thanks to higher aluminium prices, cost cuts and smelter closures.
The aluminium giant, which last week completed a restructuring of $5.15 billion in debt with no payments due until January 2016, said it expects its margins and profits to improve in the second half of the year.
Recurring net profit, defined as adjusted net profit plus the company's share of Norilsk Nickel's earnings, jumped to $129 million for the June quarter, up from a loss of $203 million a year earlier.
Core earnings jumped 26 percent to $220 million, but that missed analysts' forecasts for earnings before interest, tax, depreciation and amortisation (EBITDA) of $255 million, according to a Reuters poll of six brokers.
Rusal, which has a primary listing in Hong Kong and secondary listings in Paris and Moscow, said it expected EBITDA to top $600 million in the second half of this year at current aluminium prices. (Reporting by Sonali Paul; Editing by Richard Pullin)