Novelis’ aluminum flat-rolled products shipment fall in Q1 FY24 on decreased demand
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Update time : 2023-08-09 20:02:57
Novelis Inc., a Georgia-based industrial aluminum company, reported that the company’s aluminum flat-rolled products shipment totaled 879,000 tons in the first quarter of the fiscal year 2024, falling by 9% compared to the same period a year ago, due to a decrease in beverage can shipments and a slight drop in demand for value-added products from the building and construction industry.
During the period, Novelis’ net sales slid by 19.61% year on year to US$4.091 billion, mainly due to decreased average aluminum prices and dropped flat-rolled products shipment that was offset by a favorable product mix.
The company’s net profit attributable to common shareholders in the period was US$156 million, a year-on-year drop of 49%. The adjusted EBITDA was down by nearly 25% year on year to US$421 million.
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