Australia's Alumina hits 3-1/2-month low on FY profit drop

Alumina

20/02/2023 23:44

** Shares of Alumina Ltd  AWC.AX  fall as much as 4.7% to
A$1.435, hitting their lowest since Nov 3 
    ** Aluminium producer reports a statutory net profit after
tax of $104.0 mln for the full-year ended December, compared
with $187.6 mln a year earlier  
    ** Says profit fall due to weaker alumina prices following a
ban by the Australian government of alumina exports to Russia
and higher input costs across industry  
    ** Adds alumina market outside China now in deficit and
expects deficit to widen for this year 
    ** Shares see worst day since Feb 10 if current losses hold
    ** Stock almost flat this year, as of last close
 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))