Writedowns and restructuring costs weigh on Alumina

Alumina reported an annual loss in 2015 linked to restructuring costs and asset writedowns. The Australian-listed company said it recorded a net loss of $US332.6 million for last year, versus a loss of $US370.1m a year earlier.

Alumina reported $US169.9m in so-called significant items, which included expenses related to a recent restructuring of its operations and an impairment charge against a smelter in southeast Australia.

The company's key asset is a 40 per cent stake in the Alcoa World Alumina and Chemicals venture with Alcoa Inc, the world’s largest alumina producer. The venture has shuttered operations and overhauled others amid a downturn in world commodity prices.

Alumina swung to an underlying profit of $US88.3m from an underlying loss of $US98.3m a year earlier, “reflecting in part the benefits of restructuring the AWAC portfolio,” chief executive Peter Wasow said.

The company will pay a final dividend of US1.8c a share, up from US1.6c a year ago.

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