Chinalco subsidiary reports first-half net loss

SHANGHAI: Chalco, the dual-listed subsidiary of the Aluminum Corp of China, or Chinalco, reported a net loss of 3.52 billion yuan for the first six months of this year.

The subsidiary of China's largest alumina (aluminum oxide) producer also denied media reports that parent Chinalco is in discussions with Rio Tinto over bauxite and alumina production.

Listed on both the Hong Kong and Shanghai exchanges, Chalco's first-half net loss compares to a net profit of 2.39 billion yuan during the same period a year ago. Chalco's revenues dropped 29 percent year-on-year to 27.98 billion yuan.