UAE's Emirates Global Aluminium swings to profit in first half

DUBAI, Aug 30 (Reuters) - Emirates Global Aluminium, one ofthe world's largest aluminium producers, returned to profit inthe first half of 2021 on the back of higher prices for itsmetal, as global economies began to recover from the coronaviruscrisis.

The company, which is preparing for a potential initialpublic offering, reported a profit of 1.74 billion dirhams($473.75 million). EGA reported a loss of 208 million dirhams inthe year earlier period.

Revenues for the six months ended June 30 stood at 10.8billion dirhams, compared with 9 billion last year.

The benchmark price for aluminium on the London MetalExchange averaged $2,245 per tonne in the first half of theyear, compared with $1,592 per tonne in the same period, a yearearlier.

($1 = 3.6728 UAE dirham)

(Reporting by Hadeel Al Sayegh; Editing by Edmund Blair) ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))