Rusal Aughinish returns to profit after revenues double

THE LARGEST alumina refinery in Europe on the Shannon estuary, Rusal Aughinish, last year returned to profit after revenues almost doubled to $496.9 million.

Accounts just filed to the Companies’ Office by Limerick Refinery Alumina Ltd and subsidiaries show the company recorded a pretax profit of $24.5 million in 2010, a year after making a $26.3 million loss.

The main activity of the company is the production and sale of alumina. The sharp rise in turnover – up from $252 million – was driven by a 50 per cent rise in production at the refinery last year.

The pretax profit is the first since 2007. At the end of December the company had accumulated profits of $230.8 million.

The Shannon refinery was valued at $1.2 billion last year by its Russian parent, United Company Rusal, which is controlled by Russian oligarch Oleg Deripaska.

The firm’s turnover derives from the sale of alumina to non-EU countries and comprises sales to Rusal Trading International Ltd.

United Company Rusal purchased Aughinish Alumina from Swiss commodities trading firm Glencore in 2007. Last year the group recorded worldwide revenues of $10.9 billion and pretax profits of $3 billion.

The figures for its Irish operation show that the numbers employed at the Shannon estuary refinery last year totalled 444 – at a cost of $44 million.

Remuneration to directors decreased in 2010 from $1.6 million to $1.2million.

The pretax profit includes a non-cash depreciation cost of $23.7 million.

The accounts confirm that last December the company entered a grant agreement with IDA Ireland under which the company will receive €4.4 million.

A spokesman for Rusal Aughinish yesterday declined to comment on the figures.