Alumina Ltd
(ASX:AWC) has reported that its first half year net profit has increased tenfold on the prior year, to US$44.2 million in the six months to June 30.
Following an underlying earnings loss of US$10 million in the first six months of 2009, Alumia has posted growth to US$22 million, attributing the gains to higher sales volumes and cost control.
CEO John Bevan says profit is up and the major turnaround in cash flow and market conditions has enabled the board to reinstate the interim dividend of 2 US cents per share fully franked.
Mr Bevan says global alumina demand is forecast to grow at 12% for 2010 and pricing has improved.
Alumina reported a loss of $26 million for the year ended 30 December 2009.
