Blaming economic woes in both North America and Brazil, two of the company’s most important markets, Alcan Aluminium reported a net loss of US$1 million (3 cents per share) for the first quarter of 1991. During the same period last year, the aluminum giant posted a US$173-million (74 cents per share) profit. Sales and operating revenues were US$1.95 billion, down 8% from one year ago.
The results reflect weak aluminum demand from the automotive and construction sectors, two of the metal’s largest consumers. Although profitability improved in Europe, operations in Brazil and North America both incurred losses.
At 334,000 tonnes, fabricated product shipments were 10% lower than one year ago and 8% lower than in the fourth quarter of 1990. Ingot product shipments dropped by a full 25% from fourth-quarter levels.
President and chief executive officer David Morton doesn’t see much chance for improvement in the near term.
“The weakness in the world aluminum market is likely to persist until we see an upturn in economic activity in North America,” he said. Alcan Aluminium(TSE) 3 months ended Mar. 31 1991 1990 Revenue $1,946,000 $2,124,000 Net earnings (loss) (1,000) 172,000
per share (0.03) 0.74
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