Aluminum Corporation of China Ltd. (ACH) on Monday forecast a net loss for 2009, citing a significant decrease in domestic and international demand for aluminum from related industries due to the international financial crisis, in addition to lower prices due to overcapacity in the industry. Shares of the company are down more than 4% in the regular trading on the Hong Kong stock exchange.
In a filing with the stock exchange, the company, also known as Chalco, said it recorded a significant loss in the first half of 2009. Chalco noted that due to overcapacity in the industry, aluminum price lingered at low levels in the first half of 2009, while the utilization rate of the company's production capacity was low.
Further, Chalco said it adopted proactive measures to maximize profit while keeping losses under control. Although the momentum of loss was curbed effectively as the economy slowly recovered in the second half of 2009, it was not adequate to recover the loss incurred in the first half of 2009, the company noted.
The company had reported net profit of 9.23 million yuan or 0.00068 yuan per share in 2008.
ACH closed Friday's regular trading session at $31.04, down $0.57 or 1.80% on a volume of 0.70 million shares.
In Tuesday's regular trading on the Hong Kong stock exchange, shares of Chalco are trading at HK$9.27, down HK$0.40 or 4.14% on a volume of 29.92 million shares.
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