Alcoa manages to reduce losses

Aluminium giant and key stakeholder in Jamaica's mining industry Alcoa is reporting that it has managed to reduce its losses.

Alcoa has seen its first-quarter loss narrow as revenue rose and metal prices increased.

The American firm on Tuesday reported a net loss of $201 million for the three months to March, compared with a $497 million loss a year ago.

Aluminium is currently selling at an 18-month high of more than US$2,400 per tonne, having gained 3% in the quarter.

Although the price of aluminium has been increasing during the past year, it is still well below its record high of US$3,380 per tonne, reached in July 2008.

Alcoa, which is part owner of the Jamalco Plant in Clarendon, faced one-off charges of $295 million, largely as a result of closing two plants and tax impacts from federal health care reforms.

Revenue in the quarter rose 18% to $4.9 billion.