Australia`s Alumina lowers 2007 profit outlook

Aluminium producer Alumina Ltd lowered its calendar 2007 annual earnings outlook on Wednesday to A$490 million (US$434 million), citing higher than expected refining costs. Alumina, which partners Alcoa Inc in the AWAC aluminium joint venture, said the higher costs were due partly to the strong Australian dollar. Others factors included strikes and power outages at some operations, higher freight and contractor costs and lower production at its Pinjarra aluminium smelter. Shares in Alumina last traded down 1.8% at A$8.00 in an overall market down 1.2%.