Chinese Aluminum producer Aluminum Corporation of China Limited or Chalco (ACH) on Saturday reported a loss for the first six months of the year compared to a profit last year. The company attributed 51 percent increase financial expenses, falling market prices and higher costs of raw materials to the loss.
Chalco, a unit of Aluminum Corporation of China or Chinalco recorded a net loss 3.25 billion yuan or $513.39 million for the first six months, compared to a profit of 413 million yuan a year ago. On a per share basis, loss for the first half was 0.24 yuan.
Revenues were up 8.7 percent to 71.7 billion yuan in the first six months of the year. The company noted that its financial expenses were increased 51.4 percent year on year to 2.3 billion yuan in the first six months.
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