DJ Chalco Expects To Post 2009 Net Loss On Lower Aluminum Demand

Aluminum Corp. of China Ltd. ( ACH | Quote | Chart | News | PowerRating) said Monday it expects to have swung to a 2009 net loss due to losses in the first half because of lower demand and industry overcapacity.

The company, known as Chalco, said a gradual recovery in the economy curbed the momentum of its losses in the second half, but not enough to offset its first-half loss.

It didn't provide a figure for its expected 2009 net loss. The company said its 2008 net profit was CNY9.23 million under Chinese accounting standards.

Chalco reported a net loss of CNY3.52 billion for the six months ended June 30, compared with a net profit of CNY2.39 billion a year earlier, under Chinese accounting standards.

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