Aluminium maker Alcoa has reported a $277m net loss in the fourth quarter of 2009, compared to a $1.19bn loss in Q4 2008.
A drop in sales in its other non-mining businesses – the gas turbine, commercial-building, aerospace and construction sectors – all attributed to its loss, according to Alcoa.
A $266m loss was also attributed to continuing operations due to restructuring, special items and tax charges.
Alcoa’s revenues in Q4 2009 stood at $5.4bn compared to $5.7bn recorded in the same quarter in the previous year.
In the third quarter of 2009 Alcoa reported a $77m net income, while revenues were $4.6bn.
Cash from operations in Q4 2009 was $1.1bn compared to $608m reported in the same quarter in 2008.
Cash expenditure in Q4 2009 was $363m and $1.6bn for the whole of 2009, which was a more than 50% reduction compared to 2008.
In Q3 2009, cash from operations stood at $184m, while cash expenditure was $370m.
Alcoa adopted aggressive cost-cutting measures last year that helped it lower its debt by $759m despite lower aluminium demand and prices.
The company shifted focus to low cost production models and forming joint venture companies to reduce costs.