RusAL posts $1.42 bln IFRS net profit in Jan.-Sept.

The FINANCIAL -- Russia's UC RusAl, one of the world's largest aluminum producers, said on November 12 its net income calculated to International Financial Reporting Standards （IFRS） totaled $1.42 billion in the first nine months of 2010, according to RIA Novosti.

"These much improved results show that UC RUSAL has entered a new growth phase," the company's CEO, Oleg Deripaska, said.

The company reported a net profit of $1.42 billion for the nine months ended 30 September 2010, compared to net loss of $826 million for the nine months ended 30 September 2009.

Revenue increased by 36.6% to $8 billion, adjusted EBITDA increased to $1.89 billion in the reported period.

"We have consolidated our success in reducing costs and improving production efficiency, which has allowed us, in spite of the rising costs of raw materials and energy, to achieve one of the most competitive production costs within the aluminum industry," Deripaska said.

"This enabled us to meet the growing demand for aluminum by continuing to increase production volumes at existing facilities, as well as at the modernized Irkutsk aluminum smelter, where new modern highly efficient equipment was launched. Our aluminum production output grew by 78,000 [metric] tons over the period," he said.