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Chalco expects over 50% profit plunge for 2011

Jan. 31, 2012 (China Knowledge) - Aluminum Corp of China Co Ltd (Chalco)<601600><2600><ACH>, the country's largest aluminum producer, said that its net profit attributable to shareholders for 2011 might have dropped more than 50% from the year 2010.

In a statement filed with the Shanghai Stock Exchange, Chalco attributed the profit plunge principally due to net loss in the fourth quarter of last year, dragged down by plummeted aluminum prices and increased production costs.  

In the first three quarters of 2011, Chalco reaped RMB 968 million in profit, which over doubled the profit of RMB 412 million it realized in the corresponding period of 2010.

In 2010, the Chinese aluminum giant's net profit attributable to shareholders was RMB 778 million, and the firm's earnings per share were RMB 0.06.

The company said it will release the 2011 fiscal result on March 17.

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