Novelis reports strong results
Novelis, the world’s leading producer of aluminium rolled products, has reported strong results in the quarter up to the end of June.
Higher shipments, conversion premiums and metal prices lifted sales in the quarter, the first of fiscal 2012, to $3.1 billion, up by 23% compared with the same period last year. Profits after tax rose to $62 million, up 24%.
Shipments of aluminium rolled products totaled 767 kilotonnes, an increase of 3% compared to shipments of 746 kilotonnes in the first quarter of the previous year. This increase in shipments was due to strong market conditions across all of the company’s operating regions, driven primarily by its global can and automotive end-product segments.
Net sales for the first quarter of fiscal 2012 were $3.1 billion, an increase of 23% compared to the $2.5 billion reported in the same period a year ago.
Phil Martens, Novelis president and chief executive officer, said: “We are on track and on budget with all of our global expansion projects, including our Brazil and Korea mill expansions and our strategic automotive investment in the US. These expansions, coupled with our debottlenecking initiatives, will add 1,000 kilotonnes of additional capacity and position us well to meet our customers’ needs today and well into the future.”