MOSCOW: Russian aluminium giant Rusal said on Friday it had more than doubled net profit in 2016 after selling off one of its refineries.
Shares in the Hong Kong-listed firm were up more than two per cent in early morning trading after the announcement which saw net profit jump from $558 million to $1.2 billion year on year.
Results were boosted by the completion of the sale of its Alpart refinery in Jamaica, which went to China’s Jiuquan Iron and Steel (JISCO) for $299 million in November. But revenues were down eight per cent after a rocky first half of 2016, which saw weaknesses in global commodities markets keep prices depressed.
Rusal said the drop in total revenue to $7.9 billion from $8.7 billion was primarily due to lower sales of primary aluminium and alloys.
The aluminium industry made gains in the second half of the year, with further optimism on an expected reduction of output from China, which has in the past oversupplied the metal. — AFP
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