10 Jul 2012

Quarterly loss posted by aluminium company

12:18 pm on 10 July 2012

Alcoa has posted a second-quarter loss of $US2 million after aluminium prices slumped to their lowest for nearly two years.

The loss compared with a profit of $US322 million profit in the same period a year ago.

Revenue fell 9% to $US6 billion as aluminium prices fell 18 percent from last year.

But the results were still better than analysts had expected and shares in the company rose2% in after-hours trading.

Alcoa reaffirmed its forecast that global aluminium demand would grow 7% in 2012, on top of the 10% growth seen 2011.