Alumina's First Half Largely In Line, and Fair Value Estimate Remains AUD 0.90 per Share
Alumina's adjusted first-half 2016 net profit after tax of USD 13 million was in line with our USD 15 million forecast, but well below the USD 175 million adjusted profit for the same half last year as a result of the fall in alumina prices. The realised alumina price declined by USD 87 to USD 234 per metric ton. Alumina's 40% owned operating company, Alcoa World Alumina and Chemicals, or AWAC, offset about half of the damage of the lower alumina price through cost reductions. The alumina EBITDA...Alumina is engaged the business of the global bauxite, alumina and aluminium industry, which it conducts primarily through bauxite mining and alumina refining. All of those business activities are conducted through its 40% investments in Alcoa World Alumina and Chemicals ("AWAC"). Co.'s equity interests in AWAC forms a reportable segment.
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