- About us
- IBJ Awards
- Free Sample
- Contact us
UC Rusal’s third quarter results
(Posted on 09/11/18)
UC Rusal, a leading global aluminium producer, has announced its results for the three and nine months ended 30 September 2018.
Key highlights include:
- Adverse effect of the OFAC sanctions resulted in extraordinary low sales volume reported by the Company in the second quarter of 2018. Compared to this low base level there was a one-off recovery of sales volume through the third quarter of 2018.
- Thus, the Company reported 33.6% growth in volumes of primary aluminium and alloys sold in the third quarter of 2018 upon the extension of Company’s general licenses, after a significant reduction in the second quarter of 2018. Revenue in the third quarter of 2018 increased by 18.6% to USD2,918 million as compared to USD2,460 million in the third quarter of 2017. The result was an improvement of financial and operating indicators in the third quarter of 2018.
- Sales of primary aluminium and alloys for the nine months of 2018 decreased by 5.4% to 2,794 thousand tonnes, as compared to 2,955 thousand tonnes sold through nine months of 2017, while sales of alumina dropped by 4.5% to 1,457 thousand tonnes for the nine months 2018, as compared to 1,526 thousand tonnes sold through nine months of 2017. Revenue for the nine months of 2018 increased by 9.6% to USD7,915 million as compared to USD7,224 million for the nine months of 2017 which reflects higher average aluminium sales price, premiums and alumina prices.
- The third quarter of 2018 was characterized by the rising aluminum market deficit outside of China, as well as the decline in available aluminum stocks to lowest levels in 10 years. The situation has caused upside price volatility at the highest levels.
- As a result of the above and due to the depreciation of Russian Rouble against US dollar in the third quarter of 2018, the Company profit for the third quarter of 2018 increased by 46.3% to USD597 million, as compared to USD408 million in the second quarter of the year. However the adjusted net profit (the net profit adjusted for the net effect of the Company’s investment in Norilsk Nickel, the net effect of derivative financial instruments and the net effect of non-current assets impairment) for the nine months of 2018 increased by 20.1% to USD873 million as compared to USD727 million for the nine months of 2017.
- Production cost per tonne in aluminium segment amounted to USD 1,658 and increased by 12.3% in the nine months of 2018 as compared to the same period of 2017 as a result of significant increase in electricity, key raw materials prices and railway transportation tariffs.
- Whilst the Company continuously monitors the impact of the OFAC Sanctions on the Group, the Company's current assessment remains the same, that it is highly likely that the impact may be materially adverse to the business of the Group. The Company's primary focus remains on the maintenance of its operations and the protection of the interests of all of its creditors, investors and shareholders.
Rio Tinto has published its 2020 Annual Report and its Sustainability Fact Book. These documents complement... Read more
Rusal, a leading global aluminium producer, has announced that it has been named the preferred global... Read more
Rusal a leading global aluminium producer, has announced that it has agreed to acquire the business... Read more
Rio Tinto, Paul Wurth S.A. and SHS-Stahl-Holding-Saar GmbH & Co. KGaA (SHS) have signed a Memorandum... Read more
The share of agro-industrial products in the general structure of exports from Ukraine in 2020 reached... Read more
Rusal, a leading global aluminium producer, has announced operating results for the fourth quarter of... Read more
Global crude steel production reached 1,864.0 million tonnes (Mt) for the year 2020, down by 0.9% compared... Read more
The Agricultural Industries Confederation (AIC) in the UK believes that a ban on the sale and use of... Read more
Palantir Technologies Inc. have announced it has signed a multi-year enterprise agreement for its Foundry... Read more
Chief Executive Officer, Mike Henry has released a statement on BHP’s operational review for the... Read more