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Novelis Reports Strong Results Q2 of 2019-20

Metal News - Published on Thu, 07 Nov 2019

Image Source: novelis.
World leader in aluminum rolling and recycling Novelis Inc has reported net income attributable to its common shareholder of USD 123 million for the second quarter of fiscal year 2020, compared to USF 116 million in the prior year period. Excluding tax-effected special items, such as USD 32 million for restructuring actions in the current period, the company reported net income of USd 160 million in the second quarter of fiscal 2020, compared to USD 122 million in the prior year period. This 31 percent increase is primarily due to higher Adjusted EBITDA and a lower effective tax rate.

Adjusted EBITDA increased five percent over the prior year period to USD 374 million in the second quarter of fiscal 2020, primarily driven by higher shipments as well as favorable price and product mix, partially offset by less favorable recycling benefits due to lower aluminum prices. Adjusted EBITDA per ton reached USD 448 in the quarter, as compared to USD 440 in the prior year period.

Net sales decreased nine percent from the prior year period to USD 2.9 billion for the second quarter of fiscal 2020, driven by lower average LME aluminum prices and local market premiums, partially offset by higher total shipments. Strong overall operational performance and solid demand for lightweight, sustainable aluminum products led to a three percent increase in flat rolled product shipments to 835 kilotonnes.

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Posted By : Yogender Pancholi on Thu, 07 Nov 2019
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