Australia's Alumina sees 2007 earnings underpinned by higher output |
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Published
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Thu, 01 Feb 2007 01:15
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SYDNEY (XFN-ASIA) - Alumina Ltd said it expects earnings this year to benefit from increased production by its Alcoa World Alumina and Chemicals (AWAC) joint venture with Alcoa Inc, in which it has a 40 pct stake.The company earlier reported a 62 pct rise in 2006 net profit to 511 mln aud, reflecting strong demand for aluminium and fixed-price sales of alumina.Underlying net profit rose 72 pct to 569 mln aud, in line with its forecast of 565-585 mln.Alumina said AWAC's 2007 production will increase as its Pinjarra refinery in Western Australia is now operating at full capacity following a recent expansion, and further production added with the commissioning of the Jamalco refinery upgrade well as through capacity creep at other refineries.Alumina chief executive John Marlay said AWAC is well positioned to increase alumina production in 2007 as the global demand for aluminium and alumina continues to grow strongly.'Progress on AWAC's growth projects during the year, with the completion of the Pinjarra refinery upgrade and significant advancement of all other projects, adds further low cash operating cost capacity,' Marlay said.He said this will underpin the sustainability of long-term cash flows and returns.Marlay said the latest year's strong performance means Alumina is now in a position to consider a share buyback in the first half of 2007, after increasing the final dividend for 2006 to 0.12 aud a share from 0.10 aud in 2005.Subject to business conditions, Alumina said it expects to maintain annual dividends at least 0.24 aud per share.(1 usd = 1.29 aud)bruce.hextall@xfn.com
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