Rusal's net profit under IFRS amounted to $1.268bn in the first half of 2010

01.09.2010 (12:48)

UC Rusal's net profit under IFRS amounted to $1.268bn in the first half of 2010 compared to a net loss of $868m in the corresponding period of the previous year, the world's largest aluminum producer's press office announced yesterday.

The company's revenue jumped 41.6 percent to $5.321bn, due primarily to an increase in the aluminum price. Operating profit stood at $1.034bn compared to a loss of $487m in H1 2009. The company's revised EBITDA reached $1.325bn, up from a negative EBITDA of $144m in January-June 2009.

Meanwhile, the market value of the company's stake in Norilsk Nickel amounted to $7.168bn as of June 30, 2010, compared to $6.707bn as of the end of last year.

Regarding the company's performance in H1 2010, Rusal's General Director Oleg Deripaska said, "We have significantly improved our financial performance. Our revenue climbed 41.6 percent, and we ensured EBITDA margin of 24.9 percent, which we find satisfactory. This is the result of our measures on cost reduction, production optimization and boosting of labor efficiency."

At the same time, Deripaska indicated that Rusal was poised to expand its presence on the most promising market for the aluminum sector - in Asia. With this in mind, the company hopes to secure an increase in consumption by China, which will allow Rusal to further improve its performance.

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