Aluminium recycler Novelis has reported a 42% boost in net income for its 2015 fiscal year.
Net income peaked at $148m (£93.7m) from $104m in fiscal 2014.
The company said it expanded its recycling operations globally in 2015, and was able to boost the average recycled content of its products by three percentage points to 49%.
Novelis also cited the introduction of the Evercycle product to its portfolio, which it boasts is the world’s first independently certified high-recycled content specialty aluminium sheet.
Steve Fisher, interim president and chief executive officer, said: “Fiscal 2015 was a successful year as we grew our portfolio of high-recycled, premium products.
“We achieved record total shipments and drove benefits from expanding low-cost recycling capabilities worldwide.”
Fiscal 2015 revenues increased 14% to $11.1bn, which was attributed to a 5% increase in shipments of rolled aluminium products to 3,050 kilotonnes.
Every operating region reported an increase in shipments year-on-year, while higher average metal prices also contributed to the revenue boost.
Despite the positive results, Fisher noted that the last quarter was not as strong: “While we are pleased with these achievements, the strengthening US dollar and declining local market metal premiums in the fourth quarter tempered our results.”