Riding on higher realisation from metal sales, the net profit of National Aluminum Company (Nalco) has gone up 31 per cent during 2010-11 to Rs 1,069.3 crore, up from Rs 814.22 crore in the previous year.
In 2010-11, the average realisation from alumina sales was $350 per tonnes against $264 last year. Similarly, the average price of aluminium in the international market jumped to $2,335 per tonnes in the last financial year compared to $1,946 per tonnes a year ago.
Aluminum prices soared globally last year due to limited availability on the London Metal Exchange, higher demand and closure of some smelter plants in China after a stiff power rate rise. Power cost makes more than 35 per cent of aluminum production.
Higher metal prices pushed the net sales of the Navartana public sector unit 18 per cent to Rs 5,959 crore in 2010-11. However, a stronger rupee, costlier coal and fuel oil and burden of salary rise dented the company's profit to some extent, the audit report pointed out. In 2010-11, Nalco's operating cost rose 10 per cent to Rs 400 crore.
“The result would have been still better but for the adverse impact of exchange rate of rupee on sales, which made a dent of Rs 159 crore during the year,” said a company release.
In 2010-11, Nalco's operating cost rose 10 per cent to Rs 400 crore. Asset price depreciation, after the commissioning of its 10th captive power unit, took away another Rs 103 crore during the last financial year.
The commissioning of the new captive power plant produced additional 351 million power units, which totaled to 6,608 million units of power produced by Nalco. The company's cast metal production rose to 443,597 tonne in 2010-11, up from 431,488 tonne in the previous year due to higher bauxite ore mining.
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