(Yicai Global) Oct. 27 -- Aluminum Corp. of China Ltd. [SHA:601600; HKG:2600; NYSE:CHA] swung into the black over the first three quarters to make CNY1.27 billion in net profit after deducting non-recurring profits and losses.

The firm, better known as CHALCO, also plans to introduce third-party investment to its five subsidiaries with a total capital increase of up to CNY16 billion (USD2.41 billion), marking another central state-owned enterprise that's conducting a mixed-ownership reform of its subsidiaries.

CHALCO brought in revenue of CNY48.5 billion (USD7.29 billion) in the third quarter, while net profit reached CNY604.3 million (USD90.89 million). Over the first nine months, income was CNY139.86 billion, up 52.46 percent on the year, while the firm turned its CNY850 million loss over the same period last year on its head, according to its financial report released yesterday.

The five subsidiaries benefiting from the private investment are CHALCO Shandong Co., CHALCO Zhongzhou Aluminum Co., CHALCO Mining Co., CHALCO Gansu Aluminum Electricity Co. and Baotou Aluminum Co.

The subsidiaries are some of CHALCO's high quality assets. According to the firm's annual report for last year, four of the companies pulled in a combined net profit of almost CNY1.2 billion (USD180.16 million).