November 13: World-leading aluminium canstock manufacturer Novelis improved it financial performance by reducing its losses in the second quarter ending September 30.
On sales that were up 13 percent to US$2,821m, its loss was cut to $23m from $154m in the same period last year.
Now a subsidiary of Indian-based Hindalco Industries, Novelis said that its exposure to customer contracts with metal price ceilings had been reduced to $44m compared with the same period a year ago while better risk management had bought in improvement in lag – the difference in timing between pass through of changing aluminium prices to customers – of $29m.
