Aluminium producer Chalco's H1 net profit up sharply on price recovery

Accendra Health

25/08/2016 13:48

SINGAPORE, Aug 25 (Reuters) - Aluminum Corporation of China 
Ltd (Chalco)  601600.SS   2600.HK   ACH.N  posted a sharp rise 
in profit in the first half of the year due to a general 
recovery in aluminium prices, the company said on Thursday. 
    Chalco, a state-controlled leading producer of primary 
aluminium and raw material alumina in China, posted a net profit 
of 57.4 million yuan ($8.62 million) for the first six months 
compared with 1.5 million yuan profit a year earlier, it said in 
a filing on the Shanghai stock exchange. 
    Prices of LME aluminium  MAL3  gained about 10 percent in 
the first half of the year, while Shanghai prices rose around 13 
percent, though the levels are generally still lower than the 
same period a year earlier. 
    Aluminium smelters in China, the world's top producer and 
consumer of the metal, cut output late last year, reducing 
supply in the hope of supporting prices. 
 
 (Reporting by Lee Chyen Yee and Meg Shen; Editing by Alexandra 
Hudson) 
 ((hongkong.newsroom@thomsonreuters.com;)(852)(2843-6441;)) 
 
Keywords: CHALCO CHINA/RESULTS