The Aluminum Corp of China has turned back into the black, with its 2013 earnings report showing the company made a profit of 173 billion yuan ($28 billion) last year, up 16 percent year-on-year.

Net profit increased from an 8.2 billion yuan loss in 2012 to 948 million yuan profit in 2013.

The company said last year's profit can be largely attributed to stricter management, tighter control of expenditure and increased capital operation, despite stagnant industry performance.

According to the earnings report, the cost of making alumina products was reduced by 9 percent last year, and that for electrolytic aluminum products decreased 5 percent. As a result, the increase in profit amounted to some 5.3 billion yuan.

The report also shows that capital operation accounted for about two-thirds of the corporation's profit last year.

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