Russian aluminium giant Rusal swings to first-half loss as expenses surge
Rusal reported a first-half net loss on Friday, as rising costs, higher interest expenses and foreign exchange fluctuations weighed on the Russian aluminium producer's earnings.
The Hong Kong-listed company, the world's largest aluminium maker outside China, swung to a net loss of $87-million for the six-month period ended June 30, from a profit of $565-million last year.
Rusal has faced sustained pressure for more than three years from the fallout of Western sanctions on Russia over the war in Ukraine. While not directly sanctioned, the company has seen some Western buyers avoid new contracts for Russian metal.
Finance expenses surged by $408-million, reflecting higher interest on bank and company loans, bonds and other charges, while a foreign exchange loss added $181-million to the bottom-line hit.
Cost of sales jumped about 40% to $6.11-billion, driven by increased volumes of primary aluminium sales and higher alumina and raw material prices, as well as elevated electricity and transport costs.
Still, Rusal's revenue rose 32% to $7.52-billion due to higher sales of primary aluminium and alloys.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Latest Multimedia
Latest News
Showroom
For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...
VISIT SHOWROOM
Roytec Global is an international company specializing in liquid / solid and mineral separation technologies for the Mining and Industrial sectors.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
