RUSAL (PA:RUSAL) Earnings Plummet on FOREX Costs

Earnings for RUSAL (PA:RUSAL) dropped 55 percent on foreign exchange losses during the latest quarter.

Net profit for the quarter ending September 30 was $29 million, down from the $64 million in earnings last year in the same quarter.

Taking away the foreign exchange costs, net profit for the quarter would have come in at $419 million, according to RUSAL.

Expenses in the quarter increased to $699 million, far above the $276 million in costs last year.

Going forward, RUSAL said this about the aluminum market: "Several factors point to encouraging prospects for the aluminium market: the revival of the domestic market, increased economic activity in Germany, South America and Asia, spot premiums reaching an all-time high, partly due to China becoming a net importer of aluminium."

RUSAL dropped to $18.50, losing $0.70, or 3.65 percent.