LONDON - Aluminium producer Alcan reported record earnings per share in the first quarter to March 31 of 1.60 usd per common share compared with 1.21 usd in the same quarter last year and 1.12 usd in the preceding December quarter.
The profit rise came on top of rising first-quarter sales and operating revenues which reached 6.42 bln usd compared with 5.55 bln usd a year ago, are flecting higher aluminium prices as well as favourable pricing, product mix and volumes indownstream business', the company said.
'An improved performance across all business groups reflects our sustained
emphasis on cost control, financial discipline and profitable growth. Alcan's increased earnings power continues to come into focus through these results and, considering the current strength in the primary metal market and our favourable competitive position, we expect to see continued positive results in the second quarter,' said Dick Evans, president and chief executive.
Looking forward to full year 2007, Alcan forecast global primary aluminium consumption increasing 8.9 pct (6.9 pct in 2006), while production from new capacity and restarts is expected to lift world supply by about 10 pct (6.4 pct, 2006).
As a result, Alcan predicted the aluminium market to produce 'a modest surplus' in 2007 of about 200 kt, up from a deficit of 162 kt in 2006, representing about 0.5 pct of estimated world supply in 2007.
Inventories, as expressed in weeks of shipments, are expected to remain at 'historically low levels' of approximately five and a half weeks.
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