For the second quarter of 2003, Pechiney recently announced earnings from operations of €67 million, down slightly from the €71 million in the previous quarter. Net income in the second quarter totaled €12 million, after a net loss of €1 million in the first quarter of the year. As in previous quarters, the Primary Aluminum sector, which reported earnings from operations of €37 million, down from €42 million, was affected by the depreciation of the U.S. dollar. In the second quarter, the Aluminum Conversion sector confirmed the recovery reported in the previous quarter, with earnings from operations of €14 million, vs. €15 million in the first quarter and €9 million in the second quarter of 2002. Sales volume remained satisfactory, particularly in aerospace in Europe, after the inventory depletion observed in 2002 and as additional orders for the A380 are beginning their upward trend.
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