Russia's UC RUSAL Plc , the world's biggest aluminium producer, posted a 77 percent drop in recurring quarterly net profit on Monday as a global slowdown in demand and weak prices eroded margins.
Recurring net profit reached $112 million in the three months ended March, down from $493 million a year earlier. That beat an average forecast of $94 million in a poll of eight analysts by Reuters.
RUSAL said first-quarter net profit was $74 million compared with $451 million a year earlier.
Shares of RUSAL, which competes with U.S. aluminium maker Alcoa Inc, have lost about half their 2010 Hong Kong IPO value of HK$10.80 each. The stock closed on Friday at HK$5.03, up 0.6 percent.
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