May 14 (Reuters) - Novelis Inc, the world's largest producer
of rolled aluminum products, reported a quarterly profit on
Tuesday, versus a year-earlier loss, boosted by stronger demand
and better cost controls.
The company, a unit of India's HindalCo Industries Ltd
, said it was able to push through unexpected headwinds
in the second half of fiscal 2013, which ended Mar. 31, and will
continue to move ahead with numerous expansion projects.
"As expected, we saw a sequential recovery from our
seasonally low third quarter ... driven by strong demand, good
cost control and higher operating efficiencies," said Chief
Executive Phil Martens in a statement.
Novelis spent about $775 million in fiscal 2013 on expanding
its global rolling, finishing and recycling facilities. The
company plans to spend $700 million to $750 million in fiscal
2014 as it moves forward with the capital projects.
Net income attributable to common shareholders was $59
million in the fiscal fourth quarter ended March 31, compared
with a loss of $107 million a year earlier.
Adjusted to remove one-time items, earnings were $80
million, a $55 million increase over the previous year.
Revenues slipped slightly to $2.5 billion from $2.6 billion
in the year-ago period.