The net loss was $46M for the third fiscal quarter of 2011, compared with net income of $68M for the same period in fiscal 2010, said the Atlanta-based company, which is a subsidiary of India’s Hindalco Industries Ltd.
The net loss was primarily due to one-time charges of $74M for refinancing debt and $20M from the closure of its plants in Bridgnorth, UK, and Aratu, Brazil.
Sales rose 21% to $2.6bn and adjusted EBITDA, or earnings before interest, taxes, depreciation and amortization, increased 20% to $238M. Novelis said the operating results were a result of strong global market demand, improved prices and cost-cutting.