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Chalco posts 69.41% plunge in 2011 profit

Mar. 19, 2012 (China Knowledge) - Aluminum Corp of China Ltd (Chalco)<601600><2600>, the country's largest aluminum producer, has announced that its net profit fell 69.41% year on year to RMB 238 million last year.

Basic earnings per share were 2 RMB cents last year, down 66.67% year on year.

Excluding one-off gains, the company suffered a net loss of RMB 329 million in the year, due to a weak aluminum market.

Chalco realized RMB 145.87 billion operating revenue in 2011, 20.56% more than in the previous year.

Analysts said that the Chinese aluminum industry would still face tough time in the first half but that it would see improvement in the second half with the recovery of global economy.

Chalco said earlier this month that it plans to raise up to RMB 8 billion via a private placement by issuing up to 1.25 billion A share.

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