WebSify
Follow us on
Mail
Print

Novelis posts quarterly profit on strong demand

Source : REUTERS
Last Updated: Tue, May 14, 2013 12:30 hrs

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.




blog comments powered by Disqus
most popular on facebook
talking point on sify finance