Canada: Alcan profit dips 2.5%

Alcan Inc., target of a $38.1-billion U.S. offer from Rio Tinto Plc, said yesterday its quarterly profit fell 2.5 per cent, largely on costs stemming from a stronger Canadian dollar. In what may be its last earnings statement as a publicly traded company, Alcan, which reports in U.S. dollars, said it earned $438 million, or $1.18 a share, in the second quarter, down from a profit of $455 million, or $1.21 a share, a year earlier. Revenue rose 8.2 per cent to $6.6 billion from $6.1 billion, Alcan said.