Chalco Lost CNY 1.89bn in Q1

Aluminum Corporation of China Ltd. incurred a net loss of CNY 1.89 billion in the first quarter of 2009, marking a slump of 250.8% from a year earlier.

As a leading electrolytic aluminum producer in the country, it lost up to CNY 2.57 billion in the fourth quarter of 2008 alone. Hurt by its Q4 results, its operating revenue stepped down 9.94% year on year to CNY 76.726 billion in the entire 2008.

Last year, its net profit was only CNY 9.228 million, plunging 99.91% from the earnings of CNY 10.7 billion a year earlier amid the global financial crisis.

Earlier, Chalco announced that it would cut its electrolytic aluminum production capacity by 18% from October 23, 2008. The company said that it would start to partially cease or limit the capacity in its subsidiaries in such areas as Shandong, Henan, Liaoning, and Inner Mongolia.

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