Alcoa profit kicks off Q3 results season

US aluminium giant Alcoa has swung into profit in the third quarter of this year after three consecutive quarters of losses. The news was a positive start to the US quarterly earnings reporting season. The company said its net profit was $77m or eight cents a share in the quarter, compared with a net loss of $454m in Q2. Alcoa was the first company in the Dow Jones index to announce results for the three months to the end of September 30. It was expected to report a loss excluding special items of nine cents a share. AdvertisementRevenues for the quarter were $4.6 billion compared with $4.2 billion in the second quarter, a 9% increase. 'Despite unfavourable currency and energy headwinds, our performance this quarter indicates that Alcoa is weathering the economic storm and is in excellent shape to benefit when the market recovers,' said Alcoa chief executive Klaus Kleinfeld. Alcoa said there were signs that its key markets were stabilising.