Alcoa posts Q1 loss as earnings rise

Company News

Alcoa (ASX:AAI, NYSE:AA) has reported a first quarter net loss in the same period its earnings beat expectations.  
 
In the first three months of 2014 the company reported a net loss of $US178 million on revenue of $US5.5 billion.
 
The aluminium manufacturer says strong demand for a range of aircraft has helped sales as well as auto markets where the use of aluminium is becoming increasingly popular. 
 
The earnings growth comes despite high production from Chinese manufacturers which has helped drive the price of aluminium down by 8 per cent year on year. 
 
Alcoa reported a net loss of $2.5 billion in the 2013 financial year.