InfoAnda - China's Chalco sinks into red in 2009

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World China's Chalco sinks into red in 2009 AFP - 2 hours 8 minutes ago Send IM Story Print China's Chalco sinks into red in 2009 Slideshow: Full Photo Coverage: Business & Economy BEIJING (AFP) - – China's largest aluminium producer Chalco said it swung into the red in 2009 with a loss of 4.65 billion yuan (680 million dollars) as the financial crisis took its toll. "In 2009, (Chalco) was hit by the global financial crisis, demand for aluminium plummeted, and aluminium prices were low for a relatively long period of time," the company said in a statement on the Shanghai stock exchange. "The firm's production and operations suffered unprecedented difficulties and challenges," it said in Saturday's statement. The loss compared to a net profit of 9.2 million yuan in 2008, although this too was a signifant drop from the previous year due to higher energy prices, falling demand and inventory devaluations as metal prices sank. Chalco -- which posted sales of 70.3 billion yuan in 2009 -- is the listed unit of Chinalco, which struck a 1.35 billion dollar deal with mining giant Rio Tinto earlier in March to develop a huge African iron ore field. Last June, Chinalco suffered a blow when its 19.5 billion dollar bid to effectively double its stake in Rio Tinto to about 18 percent collapsed. The following month, four employees of the Anglo-Australian miner were arrested on charges of accepting bribes and stealing trade secrets, during fraught iron ore contract talks between top mining firms and the Chinese steel industry. The four were tried this week and the verdict is due Monday. Chinalco has distanced itself from the case, saying it has no connection to the failed deal. Recommend Send IM Story Print Related Articles Chinese court to rule in Rio Tinto trial AP - 23 minutes ago UAE's Tabreed exits Jordanian unit, terms undisclosed Reuters - 31 minutes ago Israel's Delek Group swings to Q4 net profit Reuters - 37 minutes ago Thai PM to meet protesters, few concessions seen Reuters - 1 hour 6 minutes ago MIDEAST STOCKS - Factors to watch - March 28 Reuters - 1 hour 8 minutes ago News Search Top Stories World's iconic sites go dark to fight global warming BA cabin crew threaten more strikes Investors on alert as Portugal starts budget battle Daimler ignored warnings on corruption: report Greece to launch bond issue next week: report More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Cancer-stricken Dennis Hopper gets Hollywood star EU relieves Greece, but what next for euro? China VP due in Sweden as Volvo takeover nears Greece to launch bond issue next week: report BA cabin crew threaten more strikes More Most Viewed » 'Rare' fossil of new dinosaur species found in US 'Britain's Fritzl' raped daughters for over 25yrs Researchers back cancer-fighting properties of papaya Hollywood stars help prevent suicide after Twitter alert Prince Philip in strip club gaffe More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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