Parent of Australia's Alcoa (ASX:AAI), Alcoa Incorporated, has recorded a fourth-quarter profit and forecast global aluminum demand is expected to grow by 12 per cent in 2011.
Exceeding analysts' expectations the world's third largest producer of aluminium booked a net income of $US258 million in the December quarter, underpinned by stronger sales of aluminum products.
The result was boosted by a $US35 million one-time gain for special items and represents a turnaround profit from a $US277 million net loss for the same period in 2009.
In the year, Alcoa generated net income of $US254 million, or 25 US cents a share, rebounding from a net loss of $US1.15 billion the year before.
In the half year to 30 June 2010, Alcoa posted a net loss of $10.55 million.
AAI Price at posting:
$16.04 Sentiment: None Disclosure: Held
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