Reuters logo
CORRECTED-UPDATE 1-Novelis posts loss; sees demand rising
May 24, 2012 / 12:25 PM / 5 years ago

CORRECTED-UPDATE 1-Novelis posts loss; sees demand rising

* Q4 net loss $107 mln vs net profit $50 mln last year

* Q4 sales fall 12 pct

* Sees higher FY13 EBITDA

May 24 (Reuters) - Novelis, the U.S. unit of India’s largest aluminum producer HindalCo Industries Ltd, posted a quarterly loss, hurt by lower average aluminum prices and sales.

However, the company expects a rise in demand for aluminum-rolled products in Asia, driven primarily by China, over the next five years.

The Atlanta-based aluminum products maker forecast fiscal year 2013 earnings before interest, taxes, depreciation and amortization (EBITDA) above the $1.05 billion it reported in 2012.

For the fourth quarter, net loss attributable to common shareholders was $107 million, compared with net profit of $50 million, last year.

Sales dropped 12 percent to $2.6 billion.

Shipments of aluminum-rolled products fell 4 percent, hurt by soft demand in Europe.

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below