Aluminum Corp of China (Chalco), the listed arm of state-owned Chinalco, said on Sunday that its 2008 net profit dropped by almost 100% year-on-year, and that the firm will likely post a net loss in the first quarter of 2009, the Wall Street Journal reported. Chalco, which produces alumina and aluminum, posted a net profit of US$1.3 million in 2008, down from US$1.6 billion the previous year, due to the financial crisis, higher energy prices, a drop in aluminum demand and natural calamities such as the Sichuan earthquake and snow storms. Revenues fell by 9.9% year-on-year to US$11.2 billion. The firm issued a profit warning for the first quarter, saying in a statement that it faces “an exceptionally challenging business landscape.”
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