The US-based part owner of Jamalco in Clarendon has made a turnaround after racking up financial losses. Alcoa on Tuesday revealed that it realised a slim profit, despite lower sales and weak aluminum prices. It posted a net profit of US$24 million largely as a result of cost-cutting efforts compared to a US$143 million loss during the corresponding period last year. Sales fell slightly to US$5.77 billion dollars from US$5.83 billion in 2012. The world's top aluminum maker by revenue recently lost its spot on the Dow, which it held for 54 years, after a two-year slide in the price for raw aluminum driven by global oversupply.
Alcoa, which has been one of the worst performing metals stocks on the market, owns 55 per cent of Jamalco. The remaining 45 per cent is held by the Government.
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