The majority owner of the Jamalco plant in Clarendon is reporting an increase in profit. Alcoa Incorporated on Monday unveiled a larger first-quarter profit than analysts expected, helped by strong demand for aluminum used to make airplanes and automobiles.
Net income during the three months was US$149 million compared with US$94 million a year ago. Revenue fell to US$5.83 billion dollars from US$6 billion in 2012 and was below the US$5.91 billion that analysts predicted.
Alcoa blamed lower aluminum prices and curtailed production in its European primary metals business. It still sees demand for aluminum growing 7 per cent this year.
The American company is a partner with the Jamaican Government through Clarendon Alumina Partners (CAP) in Jamalco. Alcoa owns 55 per cent of the company.
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