Chalco Net Profits Dove 65.42% in H1

Aluminum Corporation of China Ltd. reaped net profits of CNY 2.4098 billion in the first half of 2008, slumping 65.42 percent from a year earlier.

The gross profit margin of Chalco, the country's top aluminum and alumina producer, has plunged from the peak of nearly 38.32 percent in 2004 to 15.43 percent now.

In the first six months of this year, operating revenues slipped 7.14 percent year on year to CNY 39.607 billion, and earnings per share stood at CNY 0.178.

The company plans to distribute pre-tax dividends of CNY 0.052 per share, or about CNY 703 million in total, to its shareholders. It owned total assets of CNY 120.526 billion ended June 30, 2008, compared with CNY 105.496 billion at the end of last year.

In the first half of 2008, its alumina turnout dropped 3.3 percent year on year to 4.68 million tons, but alumina chemicals output climbed up 12.8 percent to 560,000 tons and primary aluminum output rose 14.3 percent to 1.52 million tons.

In fact, quite a few listed aluminum producers earlier reported a first-half net profit decline.

In early July, 20 major electrolytic aluminum producers nationwide decided to jointly cut back their production by 5 to 10 percent. But it seemed that the move failed to spur domestic aluminum prices. The price of electrolytic aluminum went down by 2,000 a ton in nearly one month.

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