Aluminium Corporation of China (Chalco) narrowed losses significantly in the first half thanks to its cost reduction efforts and gains realized from disposals of some business lines.
The company recorded a total loss of 596 million yuan ($96.6 million) in the first six months, it told Hong Kong Stock Exchange Aug. 31. That compared to a loss of $3.25 billion made a year ago.
``There was no alleviation for the oversupply of the Company’s principle products and the market is likely to turn more gloomy’’ in the second half due to uncertainties in the world economy and structural adjustment in China, Chalco said in interim report.
Average domestic price of spot alumina decreased 3.47% year-on-year to 2,536 yuan per tonne in the period while that of three-month aluminium futures on Shanghai Futures Exchange fell by 7.62% to 14,885 yuan per tonne, it noted in the report.
During the first half of 2013, Chalco produced 6.08 million tonnes of alumina, representing a year-on-year increase of 1.84%, and 2.42 million tonnes of primary aluminium, a year-on-year decrease of 0.49%.
Chalco acquired Ningxia Energy Group Co. in January, thereby newly engaging in energy segment, which mainly consists of coal, electricity generation from coal, wind power and photovoltaic power.
It disposed of its aluminium fabrication segment, alumina production line of Guizhou branch and an equity interest in Jiaozuo Wanfang Aluminium Manufacturing Co. in the reporting period.
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