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Direct: Hindalco Industries' profits fell 77% in the second quarter of this year, as metal prices plummeted and costs escalated as a result of the trade war.
The Indian mining group, which includes the Utkal Alumina unit, announced Friday it had achieved a net profit of 1.67 billion Indian rupees (US $ 24 million) as at June 30, against Rs 7.34 billion for the same period. period. From last year.
Hindalco's results show that the company suffered a one-time loss of 218 million rupees.
According to the results, profits were affected by the slowdown in the global economy as well as by lower commodity prices.
The Indian company said the trade tensions between the United States and China continued to have a negative impact on commodity markets.
Aluminum prices are expected to remain low due to negative sentiment in the near term and despite the shortfall in supply forecasts for the year, the company said.
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