Chalco predicts net loss in H1

The Aluminum Corporation of China Co Ltd a subsidiary of the country's largest aluminum and alumina producer Chinalco expects to incur a net loss for the H1 of 2009 although it did not provide an estimated figure range.

According to the report, for the first six months of 2008, Chalco posted a net profit of CNY 2.41 billion. It attributed the anticipated net loss to low aluminum prices during the period which resulted from a significant slump in demand for aluminum from downstream industries including the real estate and automobile sector. In addition, the production capacity utilization rate of the company's facilities was low.

The company's financial report for the H1 is expected to be released on August 25th.

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