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Novelis posts 10 percent increase in net income at USD 113 million

The company, which deals in aluminum rolled products, had reported a net income of USD 103 million in the same period last year.


PTI Last Updated at 07 Aug 2018, 20:08 IST India
Novelis posts 10 percent increase in net income at USD 113 million

Novelis, the wholly owned subsidiary of Hindalco Industries, today posted a 10 percent increase in net income at USD 113 million in the June quarter on better operational performance and higher capacity utilization.

The company, which deals in aluminum rolled products, had reported a net income of USD 103 million in the same period last year.

However, including some tax benefits, the firm reported a net income of USD 137 million, against USD 101 million in the year-ago period, attributable to its common shareholder, it said in a statement.

"The increase in net income, excluding special items, was 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.

Its sales increased 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, the statement said.

The shipments of flat-rolled products increased 2 percent to 797 kilotonnes, it added.

"Outstanding operational performance with increased asset optimization and favorable market conditions contributed to another strong quarter," said Steve Fisher, president and chief executive officer, Novelis.

He said the company's recent investment announcements in North America and Asia, along with the pending acquisition of Aleris, will diversify the firm's product portfolio and increase its participation in high-demand, high-value markets to meet growing customer demand.

Novelis chief financial officer Devinder Ahuja said, "The progress made by the company to improve and transform the business is clearly reflected in our improved financial results, enabling us to make both organic and inorganic strategic growth investments."

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

COUNTRY :
India

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