Novelis has reported net income of US$29m for the fourth quarter of fiscal year 2016.
Excluding tax-effected special items, the company reported net income of US$50m, a 35% increase compared to the prior year period. For fiscal year 2016, the company recorded a net loss of US$38m.
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Excluding tax-effected special items, net income was $131m for the full year.
“We ended fiscal 2016 with strong operational performance globally, enabling us to achieve record total shipments and automotive sheet shipments for the year,” said Novelis president and CEO, Steve Fisher.
“This volume growth and our portfolio management strategy translated into our highest full year EBITDA excluding metal price lag since fiscal 2012.
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“Heading into fiscal 2017, we remain focused on driving asset efficiency as well as managing costs and working capital.
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By GlobalData“In addition, we will continue to strengthen our product portfolio through further growth in the premium automotive sheet segment while continuing to deliver quality products and service to all our customers.”
