Russia's RUSAL posts 84% plunge in Q1 net profit 

(MENAFN) Russia's UC RUSAL Plc announced that net profit plunged 84 percent in the first quarter to USD74 million, compared with USD451 million in 2011's same period, reported Reuters.

The world's largest aluminum producer said that recurring net during the 3-month period that ended March slumped 77 percent to USD112 million.

Moreover, adjusted earnings before interest, tax, depreciation and amortization (EBITDA) reached USD237 million, with a drop of 38 percent from a year earlier, whereas net debt went up 0.7 percent to USD11.13 billion.

It is worth noting that starting the second half of the current year; RUSAL may cut high-cost smelting capacity between 300,000 tons and 600,000 tons due to the current global economic conditions.