MELBOURNE May 13 Top global aluminium producer
United Company Rusal Plc posted a net loss for the
first quarter, missing analyst forecasts, however the Russian
company was optimistic the depressed aluminium market was
starting to turn around.
Rusal reported a recurring net loss of $169 million for the
March quarter, down from a revised recurring net profit of $49
million a year earlier. Five analysts on average had expected a
recurring net profit of $24 million.
Recurring net profit is adjusted net profit plus the
company's share in Norilsk Nickel results.
"While it is too soon to say the aluminium market has fully
turned the corner, we are seeing positive trends, such as robust
consumption growth, which is being supplemented by the ongoing
optimization of production capacity around the globe," Rusal
Chief Executive Oleg Deripaska said in a statement to the Hong
Kong Stock Exchange, where it has its primary listing.
Adjusted earnings before interest, tax, depreciation and
amortisation (EBITDA) fell to $173 million from $246 million a
year earlier. However earnings rose from $101 million in the
December quarter, as premiums on benchmark London Metal Exchange
aluminium prices have soared.
(Reporting by Sonali Paul; Editing by Richard Pullin)