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Chalco forecasts over 50% slump in Q3 profit

(Xinhua)
Updated: 2008-10-07 09:31

BEIJING  -- The Aluminum Corp. of China Ltd. (Chalco), China's largest producer of the metal, said its unaudited net profit may fall more than 50 percent in the third quarter of the year.

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The slump was blamed on the rising energy and materials costs and the declining aluminum prices due to the US subprime crisis and the global economic environment, Chalco said in a statement filed to the Shanghai Stock Exchange late Monday.

Its net income in the third quarter last year was 2.043 billion yuan (US$299 million), or 0.16 yuan per share.

Chalco tumbled 7.12 percent to 8.61 yuan in Shanghai on Monday before the statement of earnings forecast.