Australia's Alumina H1 Back in Black, Misses Forecasts

Australia's Alumina H1 Back in Black, Misses Forecasts

Australia's Alumina Ltd (AWC.AX: Quote) returned to the black in the first half of 2010 as aluminium demand recovered, but the result was well below analysts' forecasts.

Alumina reported underlying earnings after tax of $22 million for the six months to June 30, up from an underlying loss of $10 million a year earlier.

Analysts on average were expecting an underlying profit of $48 million.

Alumina is a 40 percent partner in the Alcoa World Alumina and Chemicals (AWAC) joint venture with Alcoa Inc (AA.N: Quote).

For the full year, analysts are expecting underlying earnings after tax of A$134.6 million, according to Thomson Reuters I/B/E/S, rebounding from last year's underlying loss of A$2.2 million.