Chalco reports losses in 2009 on low product prices
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The Aluminum Corporation of China Limited (Chalco), the country's top aluminium producer, reported losses in 2009 as average prices of its major products were lower compared to a year ago.
Net losses in 2009 stood at 4.65 billion yuan (681 million U.S. dollars) while the company netted 9 million yuan of profit in 2008, according to the company's annual business report filed to the Shanghai stock market.
The report did not say how much the average prices of its major products dropped, but said the "price plummet has posed unprecedented pressure and challenges" to the production and operation of the company.
Business revenue was 70.27 billion yuan, down 8.42 percent compared to a year ago.
The Aluminum Corporation of China is Chalco's largest shareholder. It holds a 38.56 percent share of Chalco.
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