[av_heading heading=’Aluminium giant Rusal’s earnings growth beats expectations’ tag=’h3′ style=’blockquote modern-quote’ size=” subheading_active=’subheading_below’ subheading_size=’15’ padding=’1′ color=” custom_font=”][/av_heading]
[av_textblock size=” font_color=” color=”]
14 November 2016
[/av_textblock]
[av_hr class=’custom’ height=’50’ shadow=’no-shadow’ position=’center’ custom_border=’av-border-thin’ custom_width=’50px’ custom_border_color=” custom_margin_top=’1px’ custom_margin_bottom=’1px’ icon_select=’yes’ custom_icon_color=” icon=’ue811′ font=’entypo-fontello’]
[av_textblock size=” font_color=” color=”]
Russian aluminium giant Rusal on Friday posted a better-than-expected 22 percent rise in third quarter core earnings and lifted its forecast for global aluminium consumption.
Rusal’s third-quarter earnings before interest, taxation, depreciation and amortisation (EBITDA) increased to $421 million from $344 million in the second quarter and $420 million a year ago.
Analysts at five banks had forecast third quarter EBITDA of $390 million.
Hong Kong-listed Rusal also said it was raising its forecast for global demand for aluminium by 5.5 percent to 59.5 million tonnes in 2016 due to signs of healthy demand-growth in China, Russia and elsewhere.
“The Company remains optimistic as we approach the year-end, with aluminium consumption growing at a very healthy pace while supply remains tight due to stronger pressure from increasing cost inflation,” the company said in a statement.
“Domestic demand for aluminium is also growing at a very healthy pace and Rusal intends to boost its domestic sales,” it said.
The average London Metal Exchange aluminium price increased by 3.2 percent in the third quarter to $1,621 a tonne.
The metal reached an 18-month high of $1,783 a tonne this week.
Source – Reuters
[/av_textblock]
[av_social_share title=’Share this entry’ style=” buttons=”]
[av_comments_list]