Feb 25 (Reuters) - Australian miner Alumina Ltd AWC.AX stated on Tuesday its full-year adjusted web
Feb 25 (Reuters) – Australian miner Alumina Ltd AWC.AX stated on Tuesday its full-year adjusted web revenue halved as weaker Chinese language demand harm costs of alumina, however added it anticipated some restoration in 2020.
The extended commerce battle between the USA and China throughout 2019 crimped demand for aluminium and drove costs down, with the corporate on common incomes about 25% much less per tonne of alumina offered in comparison with final yr.
Excluding one-time objects, web revenue for the yr got here in at $326.6 million, down from the $689.9 million it earned a yr earlier and 11% under a Jefferies estimate of $366 million.
Nevertheless, the miner expects the state of affairs to enhance throughout 2020, given costs have already proven some stability because the begin of the yr.
“Aluminium demand is predicted to develop in 2020 as commerce friction subsides. This can contribute to a balanced alumina market and China is predicted to soak up any surplus remainder of world manufacturing,” Chief Govt Officer Mike Ferraro stated.
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