Aughinish posts $12m pre-tax loss
Published 07/10/2015 | 02:30
The largest alumina refinery in Europe on the Shannon estuary, RUSAL Aughinish, last year went back into the red to record pre-tax losses of $12.2m (€10.8m)
The firm recorded the loss in spite of revenues increasing by $22m going from $607.8m to $629m.
The principal activity of Limerick Alumina Refining Ltd and subsidiaries is the production and sale of alumina, and separate figures provided by Aughinish Alumina to the Environmental Protection Agency (EPA) confirm that the output at the refinery was 1.955 million tonnes of alumina hydrate representing a marginal increase on the 2013 output.
Operating profits at the firm last year reduced by 65pc from $17.7m to $6m.
The pre-tax loss recorded last year follows pre-tax profit in 2013 of $15.5m - a negative swing of $27.7m.
The chief factor behind the pre-tax loss was net interest payments of €17.49m arising from a $400m deal with Glencore AG where Rusal has agreed to provide volumes of aluminia to the former owner of Aughinish Alumina between 2014 and 2016.
At the end of December last, group had accumulated profits of $202m.