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Hindalco net profit falls to Rs543 cr in Q3 (Live mint.com 31th Jan 2008)India’s biggest aluminium producer, Hindalco Industries Ltd, said profit declined for the first time in two years because of lower metal prices and a fall in copper smelting fees.
Net income dropped to Rs543 crore ($138 million) in the quarter ended 31 December from Rs644 crore a year ago. The median estimate of five analysts surveyed by Bloomberg was for a profit of Rs500 crore. Sales fell 3% to Rs4,530 crore, the company said on Wednesday.
Hindalco and Alcoa Inc., the world’s third largest producer, suffered from a drop in average aluminium prices in the quarter. Indian smelters have also been hit by the 12% gain in the rupee against the dollar and lower smelting fees caused by a global shortage of mineral concentrates.
Shares of Hindalco fell 2% to close at Rs176.1 each on the Bombay Stock Exchange on Wednesday. The stock has lost 18% of its value this year, more than the 12.5% decline in India’s benchmark Sensex.
Hindalco raised aluminium output by 9% in the December quarter and copper by 12%, according to a note by Mumbai- based brokerage Motilal Oswal Securities Ltd. More
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