Net income was RMB21.3M ($3M) for the three months ended September 30, down 88% from RMB173M ($25.3M) a year ago, the Beijing-based company said. Sales dropped 11% to RMB17bn ($$2.4bn).

Chalco reduced output after aluminium prices fell 35% last year. Chalco operated at 90% of its alumina capacity and 86% of aluminium capacity in the third quarter, the company said. In the second quarter, it was running at 67% alumina capacity and 83% aluminium capacity.

Alumina output was 2Mt while alumina production reached 870kt in the third quarter. The company posted a loss of RMB3.5bn ($512M) for the first nine months, compared with a profit of RMB2.6bn ($380.7M) a year earlier.

Aluminium demand in China, the world’s largest consumer and producer, may reach 12.85Mt this year while production may be 13.2Mt.