Alumina Says Won't Pay Interim Dividend Due to Volatility

   By Robb M. Stewart 
 

MELBOURNE--Alumina Ltd. (AWC) said Thursday it won't pay an interim dividend to shareholders in light of volatility in the aluminum market after it reported a loss for the first six months of the year.

"Given the current volatility in external markets, the company's cash flows and balance sheet are being conservatively managed," Chief Executive John Bevan said in the Australian company's earnings statement.

Alumina, essentially a holding company with a 40% stake in an alumina venture with Alcoa Inc. (AA), reported a net loss of US$14.6 million for the first half ended June 30 against a profit of US$67.7 million in the first half of the previous year. Revenue from continuing operations was unchanged at US$100,000.

Mr. Bevan said the Alcoa World Alumina & Chemicals venture has modest capital requirements and equity investments in the second half of the year.

Write to Robb M. Stewart at [e-mail]

Order free Annual Report for Alcoa, Inc.

Visit http://djnweurope.ar.wilink.com/?ticker=US0138171014 or call [phone]

Order free Annual Report for Alumina Ltd.

Visit http://djnweurope.ar.wilink.com/?ticker=US0222051080 or call [phone]

Subscribe to WSJ: http://online.wsj.com?mod=djnwires