Alcoa profits jump 75 per cent

New York - US aluminium producer Alcoa Inc on Wednesday reported a 75-per-cent jump in fourth-quarter profit, largely due to selling off a packaging subsidiary. Net income rose to 632 million dollars, but 323 million dollars came from tax changes and financial gains from the subsidiary sale, the New York-based company said after market close. Lower aluminium prices, higher energy prices and a weak dollar have pressed down sales. Revenue dropped nearly 6 per cent to 7.4 billion dollars in the quarter, but stood at a record 30.7 billion dollars for the entire year of 2007. Profits for the year rose 14 per cent to 2.6 billion dollars. Alcoa sold its packaging subsidiary to New Zealand's Rank Group last year for 2.7 billion dollars. © 2008 dpa - Deutsche Presse-Agentur

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Alcoa profits jump 75 per cent

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