Chinese aluminium unit Chalco’s H1 profit dives but swift recovery in sight
Dramatic rebound in aluminium prices is set to boost profitability in the second half of 2020
27 August 2020 - 16:58
Beijing — Aluminium Corporation of China, or Chalco, said on Thursday profits fell 95% year-on-year in the first half due to lower aluminium and alumina prices, while its primary metal production slipped just below that of Russian rival Rusal.
Chalco, a listed arm of state-owned aluminium firm Chinalco, reported net income of 35.71-million yuan ($5.19m) in January-June, down from an adjusted 707.41-million yuan ($102m) a year earlier, according to a filing to the Shanghai Stock Exchange. 2019's first-half income was boosted by a substantial gain on an asset sale, worsening the drop in earnings in 2020...
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