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Russia’s Rusal back in black as aluminium prices rise

Russia’s United Company Rusal Plc returned to profit in the June quarter for the first time in five quarters, thanks to higher aluminium prices, cost cuts and smelter closures.

The aluminium giant, which last week completed a restructuring of USD 5.15 billion in debt with no payments due until January 2016, said it expects its margins and profits to improve in the H2 of the year.

Recurring net profit, defined as adjusted net profit plus the company’s share of Norilsk Nickel’s earnings, jumped to USD 129 million for the June quarter, up from a loss of USD 203 million a year earlier.

Core earnings jumped 26% to USD 220 million, but that missed analysts’ forecasts for earnings before interest, tax, depreciation and amortisation (EBITDA) of USD 255 million.

Rusal, which has a primary listing in Hong Kong and secondary listings in Paris and Moscow, said that it expected EBITDA to top USD 600 million in the H2 of this year at current aluminium prices.

Source – Reuters

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