Alcoa narrows losses in Q4
- 12 January, 2010 16:33
Alcoa Limited (ASX:AAL) has reported a narrowed $277 million net loss for Q4 2009, as the aluminium industry showed signs of recovery.
The company, which had recorded a $1.19 billion net loss in Q4 2008, announced it had ended the quarter cash-flow positive for the first time since the second quarter of 2008.
Revenue increased 18% to $5.4 billion, with demand improving in all markets but aerospace, commercial building and industrial gas turbines.
Alcoa JV partner Alumina, which will report its own earnings on February 9, echoed sentiments that a recovery was imminent.
“This result closes out a difficult year for the aluminium industry, and leaves Alumina well positioned to benefit from the anticipated return to demand growth in 2010,” CEO John Bevan said.