Aluminium miner Alcoa Ltd (ASX:AAI) has reported a 21 per cent decline in profit for the third quarter.
Net income for the three months to September 30, 2010 came to US$61 million, down from US$77 million for the third quarter of last year.
Revenue, however, increased 15 per cent over the third quarter of 2009 to US$5.3 billion.
The profit result was largely due to increased foreign exchange costs, energy costs and other expenses.
CEO Klaus Kleinfeld says the company sees markets strengthening and has increased its 2010 global aluminium consumption forecast to 13 per cent from earlier guidance of 12 per cent.
Mr Kleinfeld says in countries such as China, Brazil, India, and Russia, more and more people are moving into the middle class, driving demand in building and construction, transportation, and packaging.
For the half year to June 30, 2010 Alcoa booked a loss of $10.55 million.
AAI Price at posting:
$12.00 Sentiment: None Disclosure: Held
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