HindalCo's Novelis quarterly profit rises

　　(Corrects shipments in 4th paragraph, 767,000 tonnes not 7.67 million tonnes)

 

　　* Fiscal Q1 profit $62 mln v $50 mln in year-ago quarter

 

　　* Sales rise 23 pct to $3.1 bln

 

　　NEW YORK, Aug 9 (Reuters) - Aluminum products maker Novelis said on Tuesday its quarterly profit rose 24 percent, driven mostly by strength in its beverage can and automotive markets.

 

　　Net income for the first fiscal quarter of 2012 was $62 million, up from $50 million in the same quarter of 2011, said the Atlanta-based company, which is a subsidiary of India's HindalCo Industries Ltd (（).

 

　　Sales rose 23 percent to $3.1 billion and earnings before interest, taxes, depreciation and amortization (EBITDA) was 16 percent higher at $306 million, because of higher shipments and aluminum prices, Novelis said.

 

　　Shipments of aluminum rolled products totaled 767,000 tonnes for the first quarter of fiscal 2012, up 3 percent from the same quarter in fiscal 2011.

 

　　President and Chief Executive Officer Phil Martens said Novelis was on track to add 1 million tonnes of capacity through expansion projects in Brazil and South Korea and a strategic automotive investment in the United States.