MOSCOW, March 19 (RIA Novosti) – Russia’s RusAl, the world’s largest aluminum company, saw its 2011 full-year net profit plummet 91.7 percent year on year, to $237 million to IFRS, the firm said on Monday.
The company’s revenues increased 12 percent to $12.29 billion in the reporting period. RusAl attributed the fall in its net profit to the buy-back by Norilsk Nickel of its own shares, which reduced the value of RusAl’s investment in the metals and mining giant.
RusAl’s adjusted net profit, defined as the net profit adjusted for the net effect of the company’s investment in Norilsk Nickel and some other factors, increased by 24.6 percent to $987 million.
RusAl’s recurring net profit, defined as adjusted net profit plus the company’s effective share in Norilsk Nickel, grew by 17.7 percent to $1.98 billion last year.
The adjusted EBITDA decreased by 3.3 percent to $2.512 billion while the adjusted EBITDA margin fell to 20.4 percent from 23.7 percent in the previous year.
RusAl’s total net debt stood at $11.445 billion as of December 2011.