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Updated Tuesday, August 30, 2011 9:39 pm TWN, AFP

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Russia's Rusal reports 20.5% drop in net profit as costs rise, returns shrink

MOSCOW -- Rusal aluminum giant Monday reported a 20.5-percent drop in first-half net profit due to higher debt-servicing costs and smaller returns from its partial holding Norilsk Nickel.

Rusal chief executive Oleg Deripaska also predicted sector volatility for the mid-term while noting continued strong demand for aluminum “in both established and fast-growing emerging markets.”

The firm reported a net profit of US$1.09 billion — down from the US$1.37 billion reported in the first six months of 2010.

It also noted an aluminum output increase of one percent and said it had reduced its debt under various restructuring agreements by US$1.67 billion.

“While the volatility across the sector and in the global economy is likely to persist in the mid-term, UC Rusal's strong fundamentals and leading position in the metals and mining industry will allow the Company to continue delivering value and growth for all stakeholders,” Deripaska said in a company statement.

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