Alcoa profit doubles from gains

Alcoa Corp’s third-quarter profit more than doubled from a year earlier as it benefited from mark-to-market gains rather than an improvement in the core business.

“During the third quarter, we ... delivered improved refinery performance, and increased production across our smelting portfolio,” said Alcoa President and CEO William Oplinger.

The US-based company reported net income attributable to shareholders of US$483 million, or US$1.81 a diluted share, for the three months to September 30, against US$232 million, or 88 US cents, a year earlier. Revenue rose 23.7 per cent to US$3.70 billion.