December 19, 2018, 10:43

Aluminum Giant Rusal Almost Doubles Net Profit to $1.54Bln in Nine Months

Aluminum Giant Rusal Almost Doubles Net Profit to $1.54Bln in Nine Months

MOSCOW (Sputnik) – Russian aluminum giant Rusal’s net profit by International Financial Reporting Standards has almost doubled in the fist nine months of 2018, reaching $1.54 billion, the company said in a statement on Monday.

“Rusal’s net profit by International Financial Reporting Standards has increased by 98.1 percent in the [first] nine months of 2018, compared to the same period last year, and has reached $1.54 billion,” the statement read.

READ MORE: US Treasury Extends Expiration of Rusal, En+ General Licenses

The aluminum production increased by 1.7 percent in January-September, reaching 2.81 billion tonnes, the statement added.

In August, Rusal reported a double increase in its net profit in the first six months of 2018 under the International Financial Reporting Standards (IFRS), totaling $952 million.

Rusal was among the companies and individuals put on the sanctions list. The giant suffered a share price collapse as a result, while Russian aluminum magnate Oleg Deripaska had to step down as Rusal’s director.

Source: sputniknews.com

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