Novelis posts 10% increase in net profit in Q1
Can and auto sheet maker Novelis recorded a 10% increase in its net profit for the first quarter of the current fiscal, the company said on Tuesday.
The US subsidiary of homegrown aluminium and copper major reported a net income of $113 million as compared to $103 million during the sane period last year. Adjusted EBITDA per tonne reported an increase of 13% at $417.
Net sales increased 16% at $3.1 million driven by higher average aluminium prices, higher shipments and more favourable product mix partially offset by lower conversion premiums on some products
" Our recent investments in North America and Asia, along with the pending acquisition of Aleris will diversify our product portfolio and increase our participation in high demand, high value markets to meet growing customer demands," Steve Fisher, CEO of Novelis said in a release.
Novelis had last month announced its acquisition of Ohio-based aluminium products maker for $2.58 billion to boost its offering of auto sheets as well as foray into the high-end aerospace segment.
The US subsidiary of homegrown aluminium and copper major reported a net income of $113 million as compared to $103 million during the sane period last year. Adjusted EBITDA per tonne reported an increase of 13% at $417.
Net sales increased 16% at $3.1 million driven by higher average aluminium prices, higher shipments and more favourable product mix partially offset by lower conversion premiums on some products
" Our recent investments in North America and Asia, along with the pending acquisition of Aleris will diversify our product portfolio and increase our participation in high demand, high value markets to meet growing customer demands," Steve Fisher, CEO of Novelis said in a release.
Novelis had last month announced its acquisition of Ohio-based aluminium products maker for $2.58 billion to boost its offering of auto sheets as well as foray into the high-end aerospace segment.
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