(Adds details on results)
Aug 7 Novelis Inc, the world's largest
producer of rolled aluminum products, reported a 150 percent
jump in quarterly profit, helped by higher sales of beverage
cans during the 2014 soccer World Cup in Brazil.
The company, a unit of India's HindalCo Industries Ltd
, said shipments of aluminum rolled products rose 9
percent to 770 kilotonnes in the first quarter ended June 30.
Shipments rose in all its four regions - North America,
Europe, Asia and South America - for the third straight quarter,
the company said.
"Excellent plant productivity, strong winter results in
South America boosted by World Cup beverage consumption, and
good year-over-year demand trends drove a strong start to the
new fiscal year," Chief Executive Phil Martens said.
Net income attributable to shareholders rose to $35 million
from $14 million a year earlier. Excluding items, profit rose 43
percent to $30 million.
Net sales jumped nearly 12 percent to $2.68 billion.
The company had estimated in July that aluminum can sales
would increase 35 percent to top two billion over the four weeks
of the soccer World Cup.
Novelis has been switching to automotive sheet in the United
States from low-margin can sheet capacity to feed burgeoning
demand from car makers.
Mertens said on Thursday the first of the company's new
global auto finishing lines was on track to begin shipping in
the second half of the fiscal year ending March.
Novelis has said it expects automotive operations to account
for about a quarter of its business by the end of the decade.
(Reporting by Ashutosh Pandey in Bangalore; Editing by Savio