Foreign exchange losses weigh on Alumina
Alumina’s full year net losses have blown out and the troubled aluminium producer is bracing itself for more uncertainty ahead.
The group’s net loss for the 12 months to December 31 tripled to $US152.9 million from $US47.3 million ($148.42 million from $A45.91 million) in 2011.
Shares were down 1.2 per cent to $1.235 in afternoon trade.
Foreign exchange losses of nearly $US90 million and ‘‘other’’ losses of the same amount contributed to the loss.
Excluding those items, Alumina recorded a net loss of $US62.1 million compared to a $US126.6 million net profit in 2011.
Its underlying loss was $US52.5 million compared to an underlying profit of $US128 million previously. Revenue fell to $US5.8 billion from $US6.7 billion.
Alumina cut its final divided to nil, from six US cents.Chief executive John Bevan said that while 2013 had begun on a positive note with prices recovering from 2012, uncertainty lay ahead.
‘‘The outlook for the market in 2013 remains uncertain with macro-economic conditions, particularly in Europe, remaining difficult,’’ he said in a statement this morning.