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Hindalco Q1 net down 31% on subdued metal prices

A steep fall in metal prices has dented Hindalco Industries` top and bottomline as Aditya Birla Group flagship reported 16% and 31% decline respectively in first quarter ended June 30 over the same period last fiscal.



Mumbai: A steep fall in metal prices has
dented Hindalco Industries` top and bottomline as the Aditya
Birla Group flagship reported 16 per cent and 31 per cent
decline respectively in the first quarter ended June 30 over
the same period last fiscal.

"The unprecedented 50 per cent fall in LME over Q1
FY`09 levels dented the topline and the bottomline. This was
partially offset from gains from weaker rupee, higher volumes
and improved product/geographic mix," the company said in a
statement here today.

Hindalco recorded Rs 480.56 crore net profit for the
quarter ended June 30, 2009 as compared to Rs 696.76 crore
during the corresponding period a year-ago.

Net sales and operating revenues stood at Rs 3,899.49
crore during the reporting period as against Rs 4,647.53
crore, the release said.

Hindalco, however, said that since it has adopted a
new accounting systems, figures of the current quarter are not
comparable with those of the corresponding quarter of the
previous year.

Aluminium business contributed Rs 1,421.11 crore to
the total sales kitty during the April-June period of the
current fiscal as against Rs 1,943 crore in the same quarter
last fiscal.

Bureau Report

From Zee News

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