Interest income for the year ended December 31, 2023 was $0.1 million, or a decrease of
$0.3 million, or 75%, as compared to 2022, due to lower interest income received on short term deposits and cash held at bank.
Interest income for
the year ended December 31, 2022 was $0.4 million, or an increase of $0.4 million as compared to 2021, due to higher interest income received on short term deposits and cash held at bank.
Share of net profit/(loss) of associates accounted for using the equity method
Share of net loss of associates accounted for using the equity method for the quarter ended March 31, 2024 was $41.6 million, or a decrease of
$42.4 million as compared to the quarter ended March 31, 2023, primarily as a result of Kwinana restructuring costs, partially offset by higher average realized alumina price and lower cost of production as a result of lower energy and
caustic costs.
Share of net loss of associates accounted for using the equity method for the year ended December 31, 2023 was $119.4 million,
or a decrease of $239.5 million as compared to 2022, primarily as a result of lower average realized prices of alumina and aluminum, higher production costs as a result of the lower quality of bauxite grades in Western Australia and negative
movement in fair value of energy contracts, partially offset by lower taxes on lower earnings and a lower net charge for valuation allowances on certain deferred tax assets in 2023 and lower energy costs, primarily in Europe.
Share of net profit/(loss) of associates accounted for using the equity method for the year ended December 31, 2022 was $120.1 million, or a
decrease of $84.5 million, or 41%, as compared to 2021, primarily as a result of lower alumina production and higher production costs as a result of higher caustic and energy prices, partially offset by higher average realized alumina price and
favorable movement in fair value of energy contracts.
General and administrative expenses
General and administrative expenses for the quarter ended March 31, 2024 were $5.6 million, or an increase of $2.2 million, or 65%, as compared
to the quarter ended March 31, 2023, primarily as a result of higher consultants and advisors fees associated with the current proposed transaction between Alcoa and Alumina Limited.
General and administrative expenses for the year ended December 31, 2023 were $11.6 million, or a decrease of $0.9 million, or 7%, as compared
to 2022, primarily as a result of the weaker Australian dollar and lower employee compensation. General and administrative expenses for the year ended December 31, 2022 were $12.5 million, or a decrease of $0.8 million as compared to
2021, primarily as a result of the weaker Australian dollar.
Finance costs
Finance costs for the quarter ended March 31, 2024 were $6.4 million, or an increase of $2.6 million, or 68%, as compared to for the quarter
ended March 31, 2023, primarily as a result of increased interest expenses as a result of higher market interest rates and a greater level of drawn debt under the syndicated facility.
Finance costs for the year ended December 31, 2023 were $19.8 million, or an increase of $15.4 million as compared to 2022, primarily as a
result of increased interest expenses as a result of higher market interest rates and a greater level of drawn debt under the syndicated facility.
Finance costs for the year ended December 31, 2022 were $4.4 million, or an increase of $0.7 million, or 19%, as compared to 2021, primarily as
a result of increased interest expenses as a result of higher market interest rates and a greater level of drawn debt under the syndicated facility.
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