Novelis quarterly loss widens to $103M
Nov 10, 2008 | 10:35 AM
| Paul Schaffer
Novelis Inc., unable to keep pace with energy and other input costs, fell deeper into the red in its fiscal second quarter.
The Atlanta-based aluminum sheet producer and recycler posted a $103-million net loss for the three months ended Sept. 30 vs. a $19-million loss in the same period last year despite a 4.9-percent increase in sales to $2.96 billion from $2.82 billion.
"The economic challenge in the (fiscal) second quarter was the cost of energy and other commodity inputs, which increased far in excess of our ability to increase prices," Martha Finn Brooks, the company's president and chief operating officer, said in a statement. "Our results were further impacted by currency and metal price movements late in the quarter."....
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