Chalco reverses losses in 2013

The Aluminum Corporation of China Ltd. (Chalco), the listed arm of the country's largest maker of lightweight metal, said it made net profits of 948 million yuan (154.87 million U.S.dollars) in 2013, reversing heavy losses in 2012. Total revenues last year hit 173.04 billion yuan, up 16 percent year on year, according to the company's unaudited annual business report filed with the Shanghai Stock Exchange on Saturday. The company attributed the loss-to-profit transition to better management and control over spending as well as capital operations. It also said a reduction in costs in the production of aluminium oxide and aluminium electrolyte attributed 530 million yuan of profits.