Mixed financial results for UC Rusal

UC Rusal, the Russian aluminium conglomerate, which has operations in Jamaica, has released mixed financial results for the fourth quarter of 2016.

Although results for the full year were not as strong as hoped, numbers posted for the final quarter surpassed expectations. 

Citing a difficult commodities market, especially the 3.5% drop in aluminium prices, Rusal's revenue for the year fell by 8% to US$7.98 billion.

Net profit for the year more than doubled over that of 2015, however, rising from US$558 million US$1.2 billion. 

The 14.4% rise in aluminium prices in the final quarter of  the year helped to boost Rusal’s revenue by 9.2%, totaling US$2 billion, up from US$1.8 billion in the last three months in 2015.

Rusal sold 3,818 metric tons of aluminium in 2016 at an average sales price of US$1,732 US per metric ton.

Those numbers are down from 2015, when the firm sold 3,638 metric tons at an average price of a little over US$2,000 per metric ton.

Rusal expects the aluminium market to remain in good shape this year with demand increasing by 5% and global market deficit widening to 1.1 million tons.

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