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Novelis, the aluminium rolling and can recycling firm, said it has made "good progress" in the past year despite recording a pre-tax loss of USD62m (£31m) for the 12 months to 31 March.

The company said the loss includes a number of one-off expenses due to its acquisition by aluminium and copper producer Hindalco in May 2007.

It added that its annual sales of $11bn improved its pre-tax loss from $364m to $62m.

Novelis reported pre-tax income of $117m for the fourth quarter of the year, compared to a $57m loss in the same period in 2007.

The Atlanta-based firm changed its financial year-end from 31 December to 31 March following its acquisition.

Novelis president and chief operating officer Martha Finn Brooks said the increased revenues and stronger cash flow were the result of initiatives such as price increases, working capital improvements and cost reductions.

The firm has also expanded in the Asian and Latin American markets and in April announced an €11m (£8.7m) investment in a plant in Germany.

Novelis supplies aluminium sheet to the global drinks can market and operates Europe's only dedicated aluminium can recycling plant in the UK at Warrington, Cheshire.