Alumina Ltd. (AWC), partner in the world’s biggest producer of the material used to make aluminum, reported full-year profit more than tripled after prices rose and output rose to a record.
Net income was $127 million, or 5.2 cents a share, for the year ended Dec. 31, compared with $35 million, or 1.4 cents, a year earlier, the Melbourne-based company said today in a statement. That compares with the A$134.6 million average of nine analyst estimates compiled by Bloomberg.
Alumina is “cautious” on the outlook for 2012 with prices likely to remain volatile, the company said. The world’s major aluminum producers including United Co. Russal and Alcoa Inc. are cutting output after prices slumped in the second half.
Alumina shares fell 1.7 percent to A$1.155 in Sydney trading yesterday. The stock has fallen 55 percent in the past year. Alumina owns 40 percent of the Alcoa World Alumina & Chemical venture and Alcoa Inc. (AA), the largest U.S. aluminum producer, the balance. The venture produces one quarter of the world’s alumina, which is refined into aluminum.
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