Alumina's earnings in Sept quarter rise due to its share from AWAC joint venture

Mining and metals company Alumina today reported results for the quarter ended September 30, 2016. The Australian alumina refiner received US$91.8 million by way of distributions, dividends and capital returns during the period under review as its share from the joint venture AWAC that it has with lightweight metals leader Alcoa.

Alumina holds a 40 per cent stake in the AWAC joint venture, which reported a flat quarterly production of alumina vis-a-vis last quarter's 3.2 million tonnes.

Alumina chief executive Peter Wasow said, "Since the end of September, we have seen some rebound from the recent lows in API (alumina price index) prices which had reduced margins in the third quarter."

"The positive impacts of portfolio restructuring and cost improvements have continued to drive cash generation in AWAC."

Alcoa, on the other hand, posted a 'lower-than-expected' profit in September quarter, weighed on partly by low alumina prices. The metal major’s income from the alumina business slipped to $US72 million, in comparison to $US109 million in the previous quarter. This change was primarily driven by a 6 percent decrease in the Alumina Price Index (API) and the unfavourable impact of foreign currency, which were somewhat offset by an increase in third-party alumina shipments and better price and mix.

Copyright and Exemption Declaration :¢ÙAll articles, pictures and videos that are marked with "China Aluminum Network" on this website are copyright and belong to China Aluminium Network (www.alu.com.cn). When transshipment, any media, website or individual must list the source from "China Aluminium Network (www.alu.com.cn)". We seek legal actions against anyone that disobey this. ¢ÚArticles that marked as copy from others are for transferring more information to readers, do not represent or endorse their opinions or accuracy and reliability. When other media, website or individuals copy from our website, must keep the source. Anyone that changes the articles' sources will hold the responsibilities for copyright and law problems. We also seek legal actions against anyone that disobey this. ¢ÛIf any articles copied by our website concern the copyright and other problems, please contact us within one week.