Russia's aluminum giant RusAl reports double net profit

PanARMENIAN.Net - Russia's RusAl, the world's largest aluminum company, saw its third-quarter adjusted net profit more than double year-on-year to $290 million to IFRS, the firm said in a statement on Monday, November 14.

According to RIA Novosti, the company's revenue grew 16.8 percent in July-September 2011 to $3.162 billion due to higher sales prices and a record level of realized premiums of $164 per ton over the London Metals Exchange aluminum prices, the statement said.

The adjusted Earnings before Interest, Taxation, Depreciation and Amortization (EBITDA) increased by 25 percent in July-September 2011 to $705 million, while the adjusted EBITDA margin rose to 22.3 percent from 20.8 percent in the same period last year.

"Solid production results, enhanced cost efficiency and client-oriented marketing efforts, coupled with a focus on value-added products, have enabled us to end the period with adjusted EBITDA increasing by 25 percent and adjusted net profit more than doubling period-on-period. UC RUSAL has maintained its leading position in the industry with an adjusted EBITDA margin of 22.3 percent," RusAL CEO and owner Oleg Deripaska said in a statement.

The company's adjusted net profit for the first nine months of this year increased 43 percent to $847 million.

The company reduced its net debt by 4.8 percent in January-September 2011 to $10.919 billion.