Aluminum giant Rusal swings in profit in the first quarter
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HONG KONGMay 14, 2015 - 12:00 am GMT+3
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May 14, 2015 12:00 am
Rusal, the world's largest aluminium producer, said Wednesday it swung into the black in the first three months of 2015 thanks to a weaker ruble and cost controls, although it warned weak prices would pose a challenge in the future.
The Hong Kong-listed Russian company posted a net profit of $228 million in the three months ending March 31, compared with a $246 million loss for the same period last year. Its operations saw revenue rise 16.7 percent to $2.48 billion while costs were reduced 7.5 percent year-on-year partly thanks to a depreciation in the ruble against the dollar, the Moscow-based firm reported.
The company also decreased its net debt by $213 million in the quarter. The company noted however the industry was facing a "challenging" period with falling prices partly due to rising imports from China and fears over a supply glut.
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