Unofficially kicking off the US reporting season the parent of Australia’s Alcoa (ASX:AAI), Alcoa Incorporated (NYSE:AA), yesterday posted a better than expected result.
The US based aluminum giant posted a net loss of $US191 million, or $AUD186 million, in the last three months of 2011.
The quarterly result was weighed down by $US185 million in one off charges and a fall in aluminium prices.
In the same period revenue beat expectations, growing to $US6 billion.
Australian listed Alumina Limited’s (ASX:AWC) main asset is its 40 per cent interest in the Alcoa World Alumina & Chemicals joint venture.
Alumina’s shares rose yesterday after a bullish forecast on aluminium demand from Alcoa and confirmation its partner is not considering shutting down Australian smelters.
Alcoa expects global aluminium demand to increase 7 per cent this year and double by 2020.
