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Chalco swings to loss in Q1

May. 2, 2012 (China Knowledge) - Aluminum Corp of China Ltd (Chalco)<601600><2600>, the country's largest aluminum producer, suffered nearly RMB 1.09 billion in net loss in the first quarter of this year, compared with a net profit of RMB 331 million the firm earned in the same period of 2011.

The loss was principally dragged down by declined sales and increased raw materials costs, said Chalco.

Loss per share for the first quarter was RMB 0.08 and no dividend was declared.

During the period from January to March 2012, the Shanghai and Hong Kong-listed firm's operating revenue totaled RMB 33.59 billion, reflecting a year-on-year increase of 19%.

Chalco had RMB 167.62 billion in total assets as of Mar. 31, 2012, whereas it had RMB 157.34 billion at the end of last year, representing an increase of 6.68%.

Net asset value per share or NAVPS reached RMB 3.76 in the first quarter of this year, 1.83% less than RMB 3.83 in the corresponding period of 2011.

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