By Robb M. Stewart
MELBOURNE--Alumina Ltd. (AWC) said Thursday it won't pay an
interim dividend to shareholders in light of volatility in the
aluminum market after it reported a loss for the first six months
of the year.
"Given the current volatility in external markets, the company's
cash flows and balance sheet are being conservatively managed,"
Chief Executive John Bevan said in the Australian company's
earnings statement.
Alumina, essentially a holding company with a 40% stake in an
alumina venture with Alcoa Inc. (AA), reported a net loss of
US$14.6 million for the first half ended June 30 against a profit
of US$67.7 million in the first half of the previous year. Revenue
from continuing operations was unchanged at US$100,000.
Mr. Bevan said the Alcoa World Alumina & Chemicals venture
has modest capital requirements and equity investments in the
second half of the year.
Write to Robb M. Stewart at robb.stewart@wsj.com
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