Chalco Swings To 1Q Net Profit Of CNY627.2 Mln

SHANGHAI, Apr. 20, 2010 - Aluminum Corp. of China Ltd., or Chalco, said Tuesday it swung to a net profit in the first quarter because of a gradual increase in the production and sales of its major products.
The country's biggest alumina producer by output said the company is expected to post a net profit in the first half of this year as an economic recovery at home and abroad helps lift demand for aluminum.
The company reported a net profit of CNY627.2 million for the three months ended March 31, compared with a net loss of CNY1.89 billion a year earlier, according to Chinese accounting standards.
Total operating revenue more than doubled to CNY29.06 billion from CNY13.94 billion.
Chalco said earlier it plans to increase its alumina output this year by more than a third from 2009's 7.78 million metric tons, and increase its aluminum output by more than 15% from 3.44 million tons.