US: Can maker Novelis posts Q1 loss
US-based drinks can producer Novelis has posted its delayed first-quarter results and reported a net loss of US$74m.
The result compared to a net profit of US$22m in the corresponding period a year earlier, the company said on Friday (15 September).
CFO Rick Dobson said: "We have incurred significant deferred tax expense during our first five quarters as a public company. While we expect our tax expense to decline by year-end, we are taking proactive tax planning actions to develop the most efficient tax structure for the company."
Net sales for the quarter ended March 31 rose to US$2.3bn from US$2.1bn in the first quarter of 2005.
Last month, Novelis sacked its president and CEO Brian Sturgell citing "difficulties" in the last 18 months. The Atlanta-based company decided at the end of last year to restate the year's results after it discovered non-cash accounting errors that occurred when it became an independent company in January 2005.
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