Hindalco arm Novelis posts net income of USD 137 mn in Q1
US-based Novelis, a wholly-owned subsidiary of Hindalco Industries, today reported over 35 per cent jump in its net income to USD 137 million for the quarter ended June 30.
The company had posted USD 101 million in net income during the same quarter a year ago, the aluminium maker said in a statement.
"The increase in net income, excluding special items, is mainly due to a 15 per cent increase in adjusted EBITDA over the prior year to USD 332 million in the first quarter of fiscal 2019," it said.
Net sales during the June quarter grew 16 per cent to USD 3.1 billion, driven by higher average aluminum prices, higher shipments, and more favourable product mix, partially offset by lower conversion premiums on some products.
"Outstanding operational performance with increased asset optimization and favourable market conditions contributed to another strong quarter," Novelis President and CEO Steve Fisher said in the statement.
The announcements related to investment in North America and Asia, along with the pending acquisition of Aleris, will diversify our product portfolio and increase participation in high-demand, high-value markets to meet growing customer demand, Fisher said.
The US-based Novelis is the leading producer of flat-rolled aluminium products and the world's largest recycler of aluminium.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.