Russia's aluminum giant RusAl reports double net profitNovember 14, 2011 - 14:00 AMT PanARMENIAN.Net - Russia's RusAl, the world's largest aluminum company, saw its third-quarter adjusted net profit more than double year-on-year to $290 million to IFRS, the firm said in a statement on Monday, November 14. According to RIA Novosti, the company's revenue grew 16.8 percent in July-September 2011 to $3.162 billion due to higher sales prices and a record level of realized premiums of $164 per ton over the London Metals Exchange aluminum prices, the statement said. The adjusted Earnings before Interest, Taxation, Depreciation and Amortization (EBITDA) increased by 25 percent in July-September 2011 to $705 million, while the adjusted EBITDA margin rose to 22.3 percent from 20.8 percent in the same period last year. "Solid production results, enhanced cost efficiency and client-oriented marketing efforts, coupled with a focus on value-added products, have enabled us to end the period with adjusted EBITDA increasing by 25 percent and adjusted net profit more than doubling period-on-period. UC RUSAL has maintained its leading position in the industry with an adjusted EBITDA margin of 22.3 percent," RusAL CEO and owner Oleg Deripaska said in a statement. The company's adjusted net profit for the first nine months of this year increased 43 percent to $847 million. The company reduced its net debt by 4.8 percent in January-September 2011 to $10.919 billion. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Government reveals details from Pashinyan’s meeting in border village Prime Minister Nikol Pashinyan has met with a group of residents of a border village in Armenia’s northern Tavush province Narek Manasyan wins European Boxing Championships silver for Armenia Armenia’s Narek Manasyan (92kg) won Armenia’s second silver medal at the European Boxing Championships 2024 on April 28. Blinken urges Azerbaijan to continue negotiations with Armenia Secretary of State Antony J. Blinken has urged Azerbaijani President Ilham Aliyev to continue negotiations with Armenia. Pashinyan, Blinken talk Armenia-U.S. ties over the phone Prime Minister Nikol Pashinyan had a phone conversation with US Secretary of State Antony Blinken on April 28, Pashinyan’s office reports. |