Novelis quarterly earnings tumble 59.2%
Nov 06, 2012 | 03:32 PM
| Suzy Waite
NEW YORK Novelis Inc.s net income tumbled 59.2 percent in its fiscal second quarter on weaker aluminum prices on the London Metal Exchange.
The Atlanta-based producer posted net income of $49 million for the three months ended Sept. 30 vs. $120 million in the same period last year on sales that slid 15.2 percent to $2.44 billion from $2.88 billion. Novelis said the decline was due to lower LME aluminum prices, which dropped an average....
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