RUSSIA’S United Company RUSAL, the world’s top aluminium maker, reported a 92 per cent drop in yearly net profit today due to a supply glut and slower demand weighing on the price of the metal, as well as a reduction in the value of its stake Russian miner Norilsk Nickel.
RUSAL, also listed in Paris, posted a net profit of $237m for 2011 against $2.87bn a year earlier. Its net debt stood at $11.05bn at the end of 2011, it said in a filing to the Hong Kong stock exchange. Shares of RUSAL in Hong Kong have risen about 15 per cent this year.
The company is currently locked in a dispute with major shareholders over its new chairman, Hong Kong Mercantile Exchange chairman Barry Cheung.