Aluminium producer Alcoa has reported a net loss of $497 million in the first quarter ended March 31, 2009, primarily hit by economic turmoil and falling prices of the metal.
The company had a net profit of $303 million in the quarter ended March 31, 2008, Alcoa said in a statement.
Alcoa noted that the loss was mainly due to "the impact of the economic downturn on its core industrial and commercial markets as well as an historic decline in aluminium prices".
For the first quarter of this year, the firm posted revenues of $4.1 billion compared to $6.9 billion in the year-ago period.
"The sharp drop in revenue resulted from the impact of the economic downturn on Alcoa’s end markets – automotive, transportation, building and construction and aerospace.
"As demand weakened during the quarter in those markets, realised metal prices fell an additional $558 a tonne – a 26 per cent price decline – resulting in prices that are now about 60 per cent lower than last summer," the statement said.
According to the company, it had $1.1 billion cash in hand at the end of the first quarter.