Aluminum Corp of China 2006 sales 105.5 bln yuan

BEIJING - Aluminum Corp of China (Chinalco), the parent of Hong Kong-listed Aluminum Corp of China Ltd (Chalco) (HK 2600), had 2006 sales of 105.5 bln yuan and a profit of 22.5 bln, the official Shanghai Securities News reported.

Sales and profit in 2005 were reported at 61 bln yuan and 15 bln respectively.

The newspaper quoted Chinalco vice general manager Lu Youqing as saying that the company has nearly completed major merger and acquisition deals in China, adding that this year it has no plans to set up new aluminium plants.

The company, China's largest aluminium producer, has set its 2007 aluminium production target at 3.42 mln tons, while the output target for alumina will be set at 9.6-10 mln tons, the report said.

Chinalco earlier said it will inject high-quality assets, including aluminium and alumina production businesses, into Chalco at an 'appropriate' time after Chalco's Shanghai listing.

Chalco said earlier that it will issue A-shares on the Shanghai market which will be used to exchange for shares in its two listed units - Shandong Aluminium Industry Co Ltd (SHA 600205) and Lanzhou Aluminium Co Ltd (SHA 600296).

Following the transaction, Chalco will delist the two units.