Alcan Inc., the Canadian aluminium supplier and bauxite miner, said Wednesday it swung to a profit in the fourth quarter on higher aluminium prices and sharply lower restructuring charges.

Alcan, based in Montreal, reported net income of $422 million, or $1.13 per share. The latest quarter included a gain of $97 million, or 26 cents per share, related to foreign currency conversion, offset by charges of $85 million, or 23 cents per share, for restructuring and asset impairment.

Operating earnings, which exclude certain items but do include a 17-cent charge to adjust the values of derivatives, were $1.09 per common share compared with $0.54 a year earlier.

Analysts polled by Thomson Financial were looking for earnings of $1.28 per share. Analyst estimates typically exclude one-time items.

A year ago, the company posted a loss of $361 million, or 98 cents per share. That period included restructuring and impairment charges of $533 million.

Fourth-quarter revenue rose 23 percent to $6.22 billion from $5.05 billion in 2005, mainly on higher aluminium prices, which jumped to $2,631 per ton from $1,942 per ton.

Shares of Alcan fell 56 cents, or 1 percent, to $50.27 in morning trading on the New York Stock Exchange. The stock has traded in a 52-week range of $37.42 to $59.20.