Alumina Ltd (ASX:AWC),(NYSE:AWC) and its partner have received a shot in the arm by the renewed demand in aluminium and alumina allowing the company to get out of the red.
The mining company swung back to report a $US44 million net profit after tax in the first half of fiscal year 2010 after recording a loss in the second half of the fiscal year 2009.
The net profit made in the last six months by the Melbourne based Alumina Ltd has beaten the $37 million estimate made by the Credit Suisse Group AG. Its partner Alcoa Inc. also reported a second quarter profit which beat the analysts' forecasts and expectations.
The Chief Executive of Alumina Ltd John Bevan said that the company hopes to see the global demand for alumina to grow at 12 % this year. The company will pay a dividend of US2 cents per share where it did not pay a dividend in the corresponding period last year.
It has a 40% stake in Alcoa World Alumina and Chemicals joint venture with Alcoa. The revenue for AWAC rose 55% to $ US2.65 billion compared to $ US1.71 billion during the first half of 2009.