LONDON (AFX) - Alcan Inc recorded earnings from continuing operations of 1.21 per share in the third quarter, up from 21 cents a year ago, as higher aluminium prices offset increased raw materials and energy costs, and the effect of a stronger Canadian dollar.
Net income per share for the quarter was 1.20 usd from 21 cents a year ago, while operating earnings were 1.22 usd per share against 53 cents.
The company forecast a deficit in the aluminium market of around 300,000 tonnes in 2006 against a balanced situation the previous year, and said it expects tight market conditions to persist in the full year, with any surplus or deficit unlikely to exceed about 200,000 tonnes.
Alcan president and chief executive Dick Evans said he was 'confident' in the company's prospects for the full year.
'We intend to maintain a disciplined approach to capital allocation balancing growth, returns to shareholders and balance-sheet strength,' he said.
'With aluminium market fundamentals expected to remain firm and normal seasonal patterns in cash flow, we expect fourth-quarter cash from operations to be even stronger,' he added.
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