Indian Aluminum Giant Hindalco’s Earnings Off 49% Due to One-Time Charge

by on

Mumbai-based Hindalco, the world’s largest aluminum rolling company, has reported a 49 percent drop in net profit in the fourth quarter of the Indian fiscal year due to one-time state levies in Madhya Pradesh and Uttar Pradesh. Revenue from operations was up 21 percent at on higher metal production. Depreciation was up 41 percent.

FREE Download: The Monthly MMI® Report – covering the Aluminum market.

The aluminum cash price saw the biggest increase at 1.4 percent on the LME, finishing at $1,801 per metric ton for Thursday, May 29. After two flat days, the 3-month price of aluminum inched up 1.3 percent yesterday on the LME to $1,842. The Indian aluminum cash price inched up 1.0 percent to INR 109.35 ($1.85) per kilogram.

* Get the complete prices every day on the MetalMiner IndX℠

Chinese aluminum closed mixed yesterday. The cash price of Chinese aluminum dropped by 0.6 percent to CNY 13,270 ($2,123) per metric ton after holding steady. The price of Chinese aluminum scrap remained essentially flat at CNY 12,250 ($1,959) per metric ton. The price of Chinese aluminum billet saw essentially no change for the fifth day in a row, remaining around CNY 13,590 ($2,174) per metric ton. The price of Chinese aluminum bar was unchanged at CNY 14,200 ($2,271) per metric ton.

{Comments Off on Indian Aluminum Giant Hindalco’s Earnings Off 49% Due to One-Time Charge Comments Off on Indian Aluminum Giant Hindalco’s Earnings Off 49% Due to One-Time Charge}