National Aluminum Company of India forecast 9.5% gain in profit for the next fiscal year as prices of the lightweight metal used to make aircraft and beverage cans increase.
The company said that net income will probably rise to INR 11 billion in the year to March 31st 2012 from an estimated INR 10.5 billion in the year ending this month. Sales may climb 12% to INR 64.95 billion.
Macquarie Bank Limited said that aluminum last week advanced to the highest price since September 2008 on the London Metal Exchange. The metal may climb as high as USD 2,800 per tonne as a shortfall drains Shanghai Futures Exchange stockpiles implying an 8 percent gain from current levels.
It said that Chinese usage probably will run at an annual rate of more than 17 million tonnes in the H1’s later months against an equivalent pace for local production of about 16.5 million tonnes as of 2010’s Q3.
The company said that National Aluminum’s profit may climb to INR 12.5 billion on sales of INR 69.4 billion in the financial year ending March 31st 2013. The forecasts are based on price assumptions of USD 2,300 per tonne for fiscal 2012 and USD 2,400 for fiscal 2013.
(Sourced from Bloomberg.net)
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