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Hindalco arm Novelis posts net income of USD 137 mn in Q1

US-based Novelis, a wholly-owned subsidiary of Hindalco Industries, today reported over 35 per cent jump in its net income to USD 137 million for the quarter ended June 30.


PTI 07 Aug 2018, 04:36 PM India

US-based Novelis, a wholly-owned subsidiary of Hindalco Industries, today reported over 35 percent jump in its net income to USD 137 million for the quarter ended June 30.

The company had posted USD 101 million in net income during the same quarter a year ago, the aluminum maker said in a statement.

"The increase in net income, excluding special items, is mainly due to a 15 percent increase in adjusted EBITDA over the prior year to USD 332 million in the first quarter of fiscal 2019," it said.

Net sales during the June quarter grew 16 percent to USD 3.1 billion, driven by higher average aluminum prices, higher shipments, and more favorable product mix, partially offset by lower conversion premiums on some products.

"Outstanding operational performance with increased asset optimization and favorable market conditions contributed to another strong quarter," Novelis President and CEO Steve Fisher said in the statement.

The announcements related to investment in North America and Asia, along with the pending acquisition of Aleris, will diversify our product portfolio and increase participation in high-demand, high-value markets to meet growing customer demand, Fisher said.

The US-based Novelis is the leading producer of flat-rolled aluminum products and the world's largest recycler of aluminum.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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