United Co. Rusal Plc said Feb. 23 that its fourth-quarter 2017 profit slid 31.8% year over year to US$440 million, from US$645 million in 2016 when it recorded a US$299 million gain from the sale of its Alpart alumina refinery in Jamaica to China's Jiuquan Iron & Steel Group, even as revenue increased 35.4% on a yearly basis to US$2.75 billion, from US$2.03 billion.
However, Rusal's fourth-quarter 2017 adjusted net profit, which takes into account the net effects of the company's investment in PJSC Norilsk Nickel Co., derivative financial instruments and non-current assets impairment, was US$350 million, compared to US$44 million in the same period of 2016.
Aluminum production increased 1.4% quarter over quarter to 944,000 tonnes in the fourth quarter of 2017, while alumina and bauxite production improved 1.3% and 7.4%, respectively, to 1.99 million tonnes and 2.95 million tonnes.
Meanwhile, for full-year 2017, the company's profit slightly increased by 3.6% to US$1.22 billion, from US$1.18 billion a year ago, with revenue improving by 24.9% to US$9.97 billion, from US$7.98 billion, as a result of a strong aluminum sales volumes and prices.
As of Dec. 31, 2017, Rusal reduced its net debt by 9.2% to US$7.65 billion, from US$8.42 billion as of Dec. 31, 2016. Total CapEx for 2017 was US$842 million, from US$575 million in 2016, while total dividends paid for the year increased to US$299 million from US$250 million.