Alcan Aust. predicts upturn after big loss

Press, 16 February 1984, Page 20

Alcan Aust. predicts upturn after big loss

NZPA Sydney 'Alcan Australia, Ltd, the aluminium smelting and manufacturing group, had an audited net loss of $NZ29.70 million for the year to December 31. The company’s turnover for the year of $362.11M was up from $312.83M the year before. No final dividend is proposed, and there will therefore be no dividend for the year. The directors said yesterday the disappointing result

was a direct result of difficult trading conditions and very low ingot prices on v world markets. j The rise in sales revenue , was achieved almost en- t tirely in ingot sales which f highlighted the overriding s impact of poor market , prices, the directors said. s Following firm evidence of an upturn in the international aluminium market r during the year and a re- t turn to better ingot prices, Alcan had resumed con- ' struction on its third potline s at the Kurri Kurri smelter, I

The outlook for this year was very encouraging at present, the directors said, with demand firm in both the export ingot market and the domestic market where semi-fabricated products were the group’s main strength. In both areas, prices had recovered to more satisfactory levels and provided the Australian economy continued to improve, Alcan should have a more successful year, they said.