Novelis on Track With Filings

It hopes to catch up in the fourth quater.
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Novelis (NVL) posted a second-quarter profit and said it's on track to catch up with financial filings by year-end.

The Atlanta-based aluminum can recycler said it made $6 million, or 8 cents a share, for the quarter ended June 30, up from the year-ago breakeven quarter. Sales rose to $2.6 billion from $2.2 billion.

Rolled product shipments rose 3% from a year ago to 753 kilotonnes.

The company, which is in the midst of an extensive restatement and fighting the effects of price ceilings that prevented it from passing costs on to customers, said it is on track to become current in its financial filings this quarter.