Chinalco Expects 2011 Profit down Over 50%

(China Aluminium Network) Chinalco said on Monday it estimates profits for 2011 will decrease over 50 percent from the year earlier, in an announcement to the Hong Kong Stock Exchange.

Chalco said major reasons for the fall in profits were a sharp drop in the price of aluminium in the fourth quarter, caused by the European debt crisis, and a hike in the price of electricity, which increased production costs.

These factors generated a loss fourth quarter loss, which has affected the company's overall profits.

Chalco did not provide an estimated result, but said its profits for 2010 were 778 million yuan ($123 million).

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