Novelis net income $59 million in quarter

Atlanta-based Novelis Inc. is no longer seeing red.

In quarterly earnings released Tuesday, the company, the leader globally in aluminum rolling and recycling, reported net income of $59 million in the quarter ending March 31. That compares to a $106 million lost during the same period last year.

Phil Martens, Novelis president and chief executive officer, credited the change to increased demand, cost control and higher operating efficiencies.

“I am proud of our accomplishments this year as we produced solid results in a transformational year marked by heavy investment,” Martens said. That includes $775 million in investments, including a major global rolling, finishing and recycling expansion for can, automotive and specialities, the company said.