Aluminum Corporation of China Net Profit Rose on Cost Savings, Higher Other Income

Dow Jones03-28

By Tracy Qu

Aluminum Corporation of China's net profit rose last year due to cost savings and higher other income, but the company warned that sluggish global economic growth is likely to create greater uncertainty for commodity prices.

Net income in 2023 was 6.72 billion yuan (US$929.8 million), up 60.2% from the previous year, Chalco said late Wednesday.

Revenue, however, was down 22.7% at CNY225.07 billion, mainly due to a decline in the selling price of alumina.

"The trend of commodity prices is of relatively great uncertainty, and the domestic market still faces problems such as insufficient effective demand and weak expectations," it said.

Write to Tracy Qu at tracy.qu@wsj.com

(END) Dow Jones Newswires

March 27, 2024 20:58 ET (00:58 GMT)

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