Chalco spares 38% alumina capability

Chalco (601600) continues to cut out put after the announcement of 18% shut on October.

By November 5, Chalco have spared 4110000 ton/year aluminina capability, which accounts for about 38% of the company¡¯s total capability. This includes 640000 ton/year in Zhongzhou Branch, 1100000 ton/year in Shanxi Branch, 1170000 ton/year in Shandong Branch and 1200000 ton/year in Henan Branch.

The Q3 report lately released from Chalco showed that it¡¯s net profit was only 0.1829 billion yuan from July to September, down 92.9% year-on-year, down 85.17% than Q2 this year.

However, output cut does not equals to deficit cut, said Huang Yong, Bond Analyst of Guangdong Development Bank.

Chalco closed at 6.09 yuan/bond yesterday, down 3.18%.

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