AWC's FVE Unchanged, Market Optimistically Expects High Alumina Price to Persist
No change to our AUD 0.95 per share fair value estimate for AWC. The company reported a 2016 statutory net loss of USD 30 million versus a AUD 88 million profit a year ago. Underlying net profit after tax fell 4% to USD 85 million. The average alumina price fell 18% to USD 242 per tonne in 2016 with approximately half of the decline offset by unit cost reductions. The statutory net loss reflected USD 115 million of aftertax significant items, primarily restructuring and impairment charges. AWC e...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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