Aluminium Corporation of China profit down two thirds in H1

Aluminium Corporation of China (Chalco), the world¡¯s third largest producer of alumina, released H1 profit report Friday, showing a two thirds down due to soaring production cost and oversupply in the market.

The report reveals that electric power shortage and the storm are man factors for profit slide, from 6.97 billion yuan last year to the present 2.41 billion yuan.

Chalco was planned to expand the output of smelting plant from 16000000 metric tons to 19000000 metric tons. However, expansion of smelting plant, soar of production cost, constant increasing of electric price as well as weak of domestic demand all, to some degree, shrunk profit space of H1.   

In H1, aluminium price of LME lifted 30£¥ because of cost increase; however, aluminium price of last month fell 17% for weak market demand.

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