(MENAFN) India's Hindalco Industries reported USD66 million net profit during its fiscal second quarter, for its Indian operations, down from USD92.3 million a year earlier.
The company, which is the flagship of Aditya Birla Group, said its quarterly sales dropped about 2 percent to USD1.14 billion year-on-year.
The company warned that rising input costs may impact performance in coming quarters after higher costs and lower production volumes in its aluminium business resulted in a 29 percent fall in its quarterly profit from domestic operations.
Hindalco is on track to boost aluminium capacity to 1.9 million tonnes by 2013 at a cost of about USD5 billion.
Aluminium business, which accounts for a third of domestic revenues, reported a 60 percent drop in profits from a year ago, due to operational disturbances at its two smelters, shortage of bauxite and higher fuel and material costs, the company said.
Copper segment, which accounts for two-thirds of the total revenue, saw profits rise 40 percent on better volumes and a weaker rupee during the quarter.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.