Rusal swings back into the black again

first_img Rusal swings back into the black again Share Show Comments ▼ Russia’s Rusal, the world’s largest aluminium producer, said yesterday it swung back to the black in the second quarter as sales increased, and added it plans to launch depositary receipts in Russia later this year.In total, for the six months to the end of June Rusal produced a net profit of $1.27bn (£825m), compared with a net loss of $868m a year ago. Revenue rose 42 per cent to $5.32bn from $3.76bn.The firm put the rise down to higher prices for the lightweight metal at the start of the year.Rusal, which has the Russian oligarch Oleg Deripaska as its chief executive, said it expects these conditions to continue due to strong demand from China, the US, Europe and Japan. Deripaska said: “[The] continued recovery in global markets should generate good opportunities for growth in demand for aluminium as it is a base metal required to support key industries and growing economies.”Rusal enjoys a competitive advantage over China’s Chalco and other rivals due to favourable tax rates in Russia.EuroNext-listed Rusal, which also listed on the Hong Kong stock exchange in January after raising $2.2bn, said it intends to launch a Russian depository receipts programme to be listed on MICEX Stock Exchange and Russian Trading System Stock Exchange by the end of 2010.Finally, Rusal also said it had appointed Evgeny Kornilov, formerly chief financial officer of Russian retail group X5, as its chief financial officer. Tatyana Soina, who previously served as chief financial officer of Rusal, will head its newly formed department of control, internal audit and business coordination. whatsapp Tuesday 31 August 2010 8:01 pmcenter_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableyThe Sports DropForgotten College Basketball Stars: Where Are They Now?The Sports DropBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaAll Things Auto | Search AdsNew Cadillac’s Finally On SaleAll Things Auto | Search AdsMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Timesautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com More From Our Partners Mark Eaton, former NBA All-Star, dead at 64nypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com KCS-content Tags: NULLlast_img