China's Chalco sees Q3 net profit down over 50 pct yr-on-yr

Aluminum Corp of China Ltd (Chalco), the country's largest producer of aluminum and alumina, said net profit in the third quarter of this year under Chinese accounting standards is expected to have fallen more than 50 pct year-on-year.

In a statement filed with the Shanghai Stock Exchange, the company said that the decline was mainly due to rising prices of raw material and fuel, as well as lower selling prices reflecting a weak global economy.

In the third quarter of 2007, the company booked net profit of 2.043 bln yuan, or 0.16 yuan per share.

Chalco is due to release third quarter financial results on October 27.

Yesterday, the company announced that it reduced its spot price for alumina to 2,900 yuan per ton from 3,200 yuan, effective Oct 1, due to weaker domestic demand.

(1 usd = 6.85 yuan)

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