Orbite narrows 3d-qtr. loss through cost-cutting efforts
Nov 15, 2013 | 01:12 PM
| Michael Cowden
CHICAGO Orbite Aluminae Inc. trimmed its losses in the third quarter as it slashed three vice president positions and limited exploration and development work in an effort to lower operating costs.
The Montreal-based company, which produces alumina from aluminous clay rather than traditional bauxite, trimmed its net loss to Canadian $2.1 million ($2 million) in the third quarter from a net loss of nearly C$4 million in the comparable year-ago quarter, according to earnings data released Nov. 14.
Orbite also cut its net loss for the first nine months of the year to C$6 million ($5.7 million) from a net loss of C$13.9 million a year earlier.....
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