Aluminum Corp.of China Ltd., or Chalco, said April 28 that first-quarter profitattributable to owners of the parent fell by 60% to 19.2 million Chinese yuan,or 0.1 fen per share, from a restated 48.0 million yuan, or 0.4 fen per share,in the same period of 2015.
The company's bottom line was hurt by a 140% rise in incometax expenses to 148.0 million yuan, mainly due to the write-off of deferred incometax assets, and the recognition of deferred income tax expenses.
Total operating revenues fell by 23.81% to 20.87 billionyuan, down from 27.40 billion yuan in the year ago quarter. Total costs ofoperations likewise fell to 21.3 billion yuan, from 28.34 billion yuan in theyear ago period.
Chalco booked an operating loss in the quarter of 248.7million yuan, narrowing from the 318.1 million yuan loss of the year agoquarter.
The company said that its production and operations hadimproved in the first quarter, with the gross profit margin up by 1.84percentage points, while the production costs of primary aluminum and aluminafell by around 25% and 16% year over year, respectively.
Chalco's earnings for the first quarter of 2015 wererestated after an asset swap with Shandong Aluminum Co. — a subsidiary ofChalco's parent, Aluminum Corp.of China, or Chinalco.
As of April 28, US$1was equivalent to 6.48 Chinese yuan.