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| Novelis reports profit of Rs 916 cr |
| BS Reporter / Mumbai Nov 05, 2009, 00:17 IST |
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Novelis Inc, the Canadian subsidiary of Hindalco Industries, reported a net profit of $195 million (about Rs 916 crore) for the quarter ended September 30, 2009, against a net loss of $104 million in the corresponding period last year. On a sequential basis, the company reported a growth of 36.4 per cent from $143 million reported in the previous quarter.
The company recorded the growth in profit on the back of higher metal prices, lower conversion costs and reviving demand across emerging markets. The underlying Ebitda (earning before interest, tax, depreciation and amortisation) increased to $200 million from $89 million in the corresponding quarter of the last year and $124 million in the previous quarter.
The company recorded a 7 per cent increase in the shipment for the aluminium rolled products to 693 kilotonnes in the quarter. “Shipment increased across each of the company’s four geographic regions, with the most significant increase in sequential quarter shipment recorded in Europe and South America,” said President and COO Philip Martens in an analyst conference call.
Net sales for the second quarter rose 11 per cent to $2.2 billion. The sales, however, are 26 per cent lower than net sales of $3.1 billion in the corresponding quarter last year.
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