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India's Hindalco 2008/09 profit tumbles 78 pct

Tue Jun 30, 2009 5:35am EDT

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MUMBAI, June 30 (Reuters) - Hindalco Industries Ltd (HALC.BO), India's top aluminium maker, on Tuesday reported an almost 80 percent slump in consolidated profit for the year to March, hit by weak demand and falling commodity prices.

Hindalco, which bought Canada's Novelis in 2007, reported consolidated net profit of 4.85 billion rupees ($101 million) in 2008/09, compared with 21.93 billion rupees a year earlier.

Net sales rose to 656.25 billion rupees from 600.13 billion.

Last year, aluminium prices fell as the global economic slowdown hit demand for raw materials such as aluminium, used in automotive and construction industry. ($1=48 rupees) (Reporting by Narayanan Somasundaram; Editing by Ranjit Gangadharan)



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