U.S. based aluminium producer Alcoa Inc
(ASX:AAI) has reported a profit of US$77 million for the third quarter, compared to a loss of US$454 million in the second quarter of 2009.
However the result was a far cry from its third quarter 2008 result of $268 million.
Revenue rose 9 per cent to $4.6 billion from $4.2 billion in the second quarter of 2009.
President and CEO Klaus Kleinfeld says the financial and operational measures the company took in the first half of the year are having a strong positive impact on its cash position and profitability.
Mr Kleinfeld says despite unfavourable currency and energy headwinds, the company’s performance in the third quarter indicates that Alcoa is weathering the economic storm and is in excellent shape to benefit when the market recovers.
The company says that in the second half of 2009 there are signs that key markets Alcoa operates in are stabilising.
Alcoa says due to low inventories at distributors and rising shipments, regional premiums and global aluminium consumption is expected to increase 11 per cent in the second half of 2009.
Alcoa posted a loss of US$74 million in 2008.
