UC RUSAL's Q1 2016 revenue from sales of primary aluminium and alloys rises 5% QoQ

UC RUSAL, a leading global aluminium producer, announced its results for the three months ended 31 March 2016. Total revenue decreased by USD563 million, or by 22.7 per cent, to USD1,914 million in the first quarter of 2016, as compared to USD2,477 million for the corresponding period of 2015.

The company's revenue from sales of primary aluminium and alloys decreased by USD556 million, or by 25.9 per cent, to USD1,594 million in the first quarter of 2016, as compared to USD2,150 million in the first quarter of 2015, primarily due to 27.5 per cent decrease in the weighted-average realized aluminium price per tonne driven by a decrease in the LME aluminium price, as well as a decrease in premiums above the LME prices in the different geographical segments. Revenue from sales of primary aluminium and alloys increased by USD79 million, or by 5.2 per cent in the first quarter of 2016, as compared to the fourth quarter of 2015 due to increase in sales volumes partially offset by decrease in the weighted-average realized aluminium price per tonne.

Total cost of sales decreased by USD112 million, or 6.8 per cent, to USD1,546 million for the first quarter of 2016, as compared to USD1,658 million for the corresponding period in 2015. The decrease was primarily driven by the continuing depreciation of the Russian Rouble and the Ukrainian Hryvnia against the US dollar by 20.0 per cent and 21.5 per cent, respectively, between the reporting periods that were partially compensated by the increase in volumes of primary aluminium and alloys sold.

Adjusted EBITDA decreased to USD312 million for the first quarter of 2016, as compared to USD721 million for the corresponding period of 2015.

Results from operating activities decreased for the first quarter of 2016 by 70.8 per cent to USD170 million, as compared to USD583 million for the corresponding period of 2015, representing operating margins of 8.9 per cent and 23.5 per cent, respectively.

As a result of the above, the company recorded a profit of USD126 million for the quarter ended 31 March 2016, as compared to USD572 million for the same period of 2015.

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