View source for Chalco H1 Profits Dive Aluminium Output Slips Back Behind Rusal

<br>By Tom Daly<br> <br>BEIJING, Aug 27 (Reuters) - Aluminum Corp of China Ltd , or Chalco,  [https://www.kynghidongduong.vn/blog/kinh-nghiem-kham-pha-shangri-la-vung-dat-cua-tinh-yeu.html tour shangrila] said on Thursday profits fell 95% year-on-year in the first half due to lower aluminium and alumina prices, while its primary metal production slipped just below that of Russian rival Rusal.<br> <br>Chalco, a listed arm of state-owned aluminium firm Chinalco, reported net income of 35.71 million yuan ($5.19 million) in January-June, down from an adjusted 707.41 million yuan a year earlier, according to a filing to the Shanghai Stock Exchange.<br><br>Last year's first-half income was boosted by a substantial gain on an asset sale, exacerbating the drop in earnings this year.<br> <br>The six-month net income figure implies a profit of only 5 million yuan for the second quarter, which would mark Chalco's worst quarterly result since a net loss in the fourth quarter of 2018,  [https://www.kynghidongduong.vn/blog/kinh-nghiem-kham-pha-shangri-la-vung-dat-cua-tinh-yeu.html tour shangrila] according to Refinitiv Eikon data.<br> <br>In terms of production, Chalco said first-half primary aluminium output was 1.86 million tonnes.<br><br>That was down slightly from 1.89 million tonnes reported a year earlier and  [https://www.kynghidongduong.vn/blog/kinh-nghiem-kham-pha-shangri-la-vung-dat-cua-tinh-yeu.html kynghidongduong.vn] below Rusal's 1.87 million tonnes.<br> <br>Chalco overtook website Rusal as the world's second-biggest listed aluminium producer in 2018.<br> <br>Parent Chinalco, which is not listed itself but also controls Yunnan Aluminium, is now the world's top producer by capacity, followed by China Hongqiao Group .<br> <br>Meanwhile, Chalco's production of aluminium raw material alumina rose 5.74% in January-June year-on-year to 7.2 million tonnes.<br> <br>The company shut down three alumina production lines in July due to low prices.<br> <br>Overall first-half revenues fell 11.5% to 84.11 billion yuan as Chalco said Shanghai aluminium prices averaged 4.3% lower year-on-year at 13,191 yuan a tonne, but noted a rebound in the third quarter.<br> <br>After a coronavirus-driven collapse in early 2020, Chinese demand has recovered dramatically and Shanghai aluminium prices last week hit their highest since April 2018 at almost 15,000 yuan, painting a much rosier outlook for Chalco in the second half of the year.<br> <br>($1 = 6.8845 Chinese yuan renminbi) (Reporting by Tom Daly; [http://www.automotivedigitalmarketing.com/main/search/search?q=Editing Editing] by Susan Fenton)<br>