BEIJING Oct 30 Aluminum Corp of China Ltd
(Chalco) , the country's top aluminium
maker, posted its fourth straight quarterly net loss in the
third quarter, hurt by low aluminium prices and rising costs.
Slower economic growth in China, the world's largest
producer and consumer of the lightweight metal, and weakness in
its property market has weighed on demand. Globally, the
industry has been hit by a huge inventory overhang.
Aluminium prices have dropped by one third since May
2011 peaks around $2,800 a tonne and the global stock overhang
is seen weighing on prices for the next few years.
Chalco's 1.08 billion yuan net loss was less than the
average forecast of a 1.9 billion yuan loss from five analysts
polled by Reuters, and compares with a profit of 555 million
yuan in the same quarter a year earlier.
Chalco has sought to diversify into coal, iron ore and
electricity but last month dropped a $926 million bid for a
majority stake in Canada's Mongolia-focused coal miner SouthGobi
Resources Ltd due to political opposition
It also ended an agreement to buy a 29.9 percent stake in
Winsway Coking Coal, saying it was unable to win
approvals from Chinese and overseas authorities in a timely
For the first nine months of the year, Chalco posted a net
loss of 4.33 billion yuan, reversing a 968 million net profit in
the same period last year.
Chalco's Hong Kong-listed shares closed up 0.3 percent on
Tuesday. They are flat so far this year, underperforming the
Hang Seng Index, which has gained 16 percent.