China’s top Aluminium firm reports $513 mn loss in H1

The losses were incurred by falling market prices,rising costs of raw materials,and higher financial expenses caused by interest rate hikes,said Chalco,a listed arm of the Aluminum Corporation of China (Chinalco),the country’s top producer of aluminum.

Its financial expenses surged 51.4 per cent year on year to 2.3 billion yuan in the first six months,official Xinhua news agency reported.

Meanwhile,Chalco’s revenues went up 8.7 per cent from a year earlier to reach 71.7 billion yuan in the first six months of the year.