Alcoa second quarter profit doubles on aluminium prices

ALCOA, the world’s third largest aluminium producer, posted a jump in second-quarter profits, aided by soaring prices for aluminium.

Net earnings at the US bellwether have more than doubled to US$322m (£205m) compared with $136m in the same quarter a year earlier, the firm said in a statement yesterday.

Revenue rose to $6.66bn, up 27 per cent over the second quarter 2010 and 11 per cent higher than the last quarter, beating market expectations.

Alcoa chairman and chief executive Klaus Kleinfeld said the firm’s outlook remained positive despite what he termed an “uneven” economic recovery.

Alcoa’s stock fell 2.87 per cent to $15.91 after analysts said a softening of aluminium prices might affect its third-quarter results.