National Aluminum Company of India posted a more than expected 80% decline in Q3 profit as prices of the metal fell and energy costs surged.
Net income fell to INR 512.2 million or INR 0.2 per share in the 3 months ended December 31st 2011 from INR 2.56 billion or INR 0.99 per year earlier. The median profit estimate of 16 analysts surveyed by Bloomberg was 1.51 billion rupees. Sales were almost unchanged at INR 14.3 billion.
The company said in September it would increase imports of coal used to produce electricity after a local shortage of the fuel. Prices of aluminum, which is used to make products ranging from beverage cans to aircraft, averaged 11% lower in the quarter on the London Metal Exchange. Expenses rose 30% to INR 15.1 billion including 75% increase in raw material costs to INR 3.65 billion.
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