Chalco posts bigger-than-expected Q2 net loss

Aluminum Corp of China Ltd (Chalco) (2600.HK), the world's No. 3 alumina maker, posted its third consecutive quarterly loss on Monday due to weak demand and low prices of the metal used in transport and packaging.

China's top aluminium producer, also known as Chalco (601600.SS) (ACH.N), reported a net loss of 1.63 billion yuan ($238.6 million) for April-June, following two straight quarters of losses as a credit crunch and financial crisis battered aluminium producers and their clients in the automotive and construction industry.

The loss was bigger than an average forecast of a 445 million yuan loss from six analysts polled by Reuters and compared with a restated profit of 1.14 billion yuan in the same period last year.

For the first half of 2009, it posted a loss of 3.52 billion yuan against a restated net profit of 2.39 billion yuan a year ago and a mean forecast of 2.4 billion yuan loss.

Chalco shares rose 65 percent in Hong Kong in the second quarter, beating a 35 percent rise in the broader market .HSI in the same period year to date. ($1=6.831 Yuan)

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