Foreign news in brief

  • Business
  • Saturday, 10 Jan 2004

NEW YORK: Alcoa Inc has turned in a quarterly profit that exceeded Wall Street’s expectations as aluminium prices rose on increased demand from China and a modest pick-up in the United States. 

For its fourth quarter ended Dec 31, 2003, the world's largest aluminium producer posted income from continuing operations of US$340mil, compared with a steep loss of US$146mil a year earlier. 

Alcoa is the first component of the Dow Jones Industrial Average to release quarterly results, and its report often provides clues to how the automotive, aerospace and other industries that it serves will perform. 

For the full year, the company reported a net profit of US$938mil, versus US$420mil in 2002. – Agencies 

BANGALORE: Infosys Technologies Ltd, the showpiece of India’s US$9.5bil-a-year software export sector, reported yesterday a better-than-expected 28% jump in quarterly profit as it kept billing rates stable and overseas clients boosted outsourcing to cut costs. 

For its fiscal third quarter ended Dec 31, 2003, the company recorded a profit of 3.28 billion rupees (US$72.1mil) compared with 2.56 billion rupees in the year-ago period and three billion rupees in the second quarter. – Reuters  

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