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UC Rusal posts 84% plunge in net profit for Q1

May. 14, 2012 (China Knowledge) - United Co Rusal Plc<0486>, the world's largest aluminum company, announced today that its net profit fell 84% year on year to US$74 million in the first quarter of this year, due to weakening aluminum prices amid slowing global economy.

United Co Rusal, which was listed in Hong Kong in January 2010, saw its revenue drop 3.7% year on year to US$2.88 billion in the first three months.

The company's aluminum output rose 3.4% year on year to 1.05 million metric tons in the period, and its alumina output climbed 1.9% to 2.03 million metric tons.

In the fourth quarter of 2011, the company booked a net loss of US$974 million. The firm's net profit for last year dropped 92% year on year to US$237 million, partly due to a reduction in the carrying value of its investment in OAO Norilsk Nickel.

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