Chalco shares tank on profit slump

SHANGHAI: Shares of Aluminum Corporation of China Ltd (Chalco) dropped heavily yesterday on both the Shanghai and Hong Kong bourses after it released a worse-than-expected 2008 earnings report on Sunday.

The company's A share sank 3.76 percent to close at 10.49 yuan in yesterday's trade while in Hong Kong, it shed 11.97 percent to close at HK$4.57.

The country's largest alumina producer said yesterday that it will also trim capital expenditure by 34 percent to 13 billion yuan this year, and will focus on projects under construction.