The parent of Australia’s Alcoa (ASX:AAI), Alcoa Incorporated (NYSE:AA) has beaten market expectations, rebounding from a loss to a first quarter net profit.
Kicking off the US reporting season, the US based aluminium giant reported income from continuing operations of $US94 million on the back of improving market conditions.
Revenue also increased to $US6 billion, also coming in higher than expected.
Alcoa believes its performance rebounded strongly due to its cash sustainability actions, focus on profitable growth, and stabilising markets.
Alcoa has confirmed it expects global demand for aluminium to rise 7 per cent this year.
Alcoa reported a full year net profit of $385.7 million in the 2011 financial year.
