Australia based bauxite mining company Alumina Limited has reported a net loss of USD 62.1 million for the full year 2012 reversing the previous year profits of USD 126.6 million.
The miner also reported a 13% drop in revenues to USD 5.8 billion from its subsidiary Alcoa World Alumina and Chemicals as against revenues of USD 6.6 billion for the previous year.
Mr John Bevan CEO of Alumina Limited reasoned that the difficult market conditions precipitated the losses following the profits in the previous year. Despite the very difficult market conditions, we are heartened by the sound operational performance of AWAC and the progress made on important initiatives that will ultimately strengthen the Company's position and improve returns to shareholders."
Mr Bevan said that the company expects 48% of smelter grade alumina shipments during 2013 based on spot or alumina index prices. With the improvement in spot alumina prices and surge in Chinese demand for bauxite is likely to better the company's performance.
The miner said that however, the outlook for the market in 2013 remains uncertain with macro economic conditions, particularly in Europe remaining difficult.
The miner also reported a 13% drop in revenues to USD 5.8 billion from its subsidiary Alcoa World Alumina and Chemicals as against revenues of USD 6.6 billion for the previous year.
Mr John Bevan CEO of Alumina Limited reasoned that the difficult market conditions precipitated the losses following the profits in the previous year. Despite the very difficult market conditions, we are heartened by the sound operational performance of AWAC and the progress made on important initiatives that will ultimately strengthen the Company's position and improve returns to shareholders."
Mr Bevan said that the company expects 48% of smelter grade alumina shipments during 2013 based on spot or alumina index prices. With the improvement in spot alumina prices and surge in Chinese demand for bauxite is likely to better the company's performance.
The miner said that however, the outlook for the market in 2013 remains uncertain with macro economic conditions, particularly in Europe remaining difficult.
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