Novelis Q1 Results: Net income slumps 36% to $96 million, sales sees 13% growth
Hindalco Industries
, has reported a 36% year-on-year fall in its net income for the June quarter at $96 million. Excluding special items, the bottomline was 43% lower compared to the previous year at $116 million.
The US-based aluminium-maker's net sales were 13% higher compared to the previous year at $4.7 billion, helped by higher average aluminum prices and a 1% year-on-year increase in total rolled
product
shipments to 963 kilotonnes.
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'Higher beverage packaging shipments were partially offset by lower automotive and specialty shipments,' the company said in a statement.
Adjusted earnings before interest, tax,
depreciation
and
amortization
(EBITDA) fell 17% on year to $416 million, while the adjusted
EBITDA
made on each tonne of steel stood at $432, down by 18% on year.
'While market headwinds mainly from structurally higher scrap prices negatively impacted financial performance in the quarter, we are making solid progress on our comprehensive cost reduction program, which we expect will lower our cost base and improve our margins,' Steve Fisher, chief executive officer of Novelis Inc was quoted in a release.
The company has also raised its guidance for the expected run-rate cost savings to over $100 million by the end of the fiscal, up from the previously estimated $75 million.
'We have already implemented a round of organization redesign, footprint rationalization and process improvement actions to drive simplification and efficiencies,' Fisher said.
Novelis spent $386 million on
capital expenditure
in the three months of the current fiscal so far. This was primarily for strategic investments in new rolling and recycling capacity under construction, including the company's new greenfield rolling and recycling plant in Bay Minette, Alabama.
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