NEW YORK, Feb 8 （Reuters） - Novelis Inc, which recycles beverage cans and makes aluminum products, posted a net quarterly loss on Tuesday, but said growing global demand boosted adjusted earnings.
The net loss was $46 million for the third fiscal quarter of 2011, compared with net income of $68 million for the same period in fiscal 2010, said the Atlanta-based company, which is a subsidiary of India's Hindalco Industries Ltd （HALC.BO: Quote）.
The net loss was primarily due to one-time charges of $74 million for refinancing debt and $20 million from the closure of its plants in Bridgnorth, England, and Aratu, Brazil.
Sales rose 21 percent to $2.6 billion and adjusted EBITDA, or earnings before interest, taxes, depreciation and amortization, increased 20 percent to $238 million. Novelis said the operating results were a result of strong global market demand, improved prices and cost-cutting.
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