07 NOVEMBER 2013gulfbusiness.com
Alba continues to excel despite low metal prices
Edited by : AL CIRCLE
1 min read
Aluminium Bahrain (Alba) swung to a third-quarter net profit on higher sales to Saudi Arabia, the owner of the world’s fourth-largest aluminium smelter said on Wednesday.
Alba increased its sales by 4.2% YoY thanks to a strong Saudi demand while production rose by 4.7% YoY on the back of strong overall operational & cost performance.
Net profit for the three months to September 30 was 4.9 million dinar ($13 million) versus a net loss of 13 million dinars a year earlier.
Alba’s income was boosted by a seven per cent increase in sales to 183.3 million dinars, with strong demand from Saudi Arabia noted, and a 4.7 per cent hike in tonnes produced compared to the same months last year.
Despite the return to profit, Alba missed the estimate of local investment bank SICO Bahrain, which forecast third-quarter earnings of 10 million dinars.
Alba increased its sales by 4.2% YoY thanks to a strong Saudi demand while production rose by 4.7% YoY on the back of strong overall operational & cost performance.
Net profit for the three months to September 30 was 4.9 million dinar ($13 million) versus a net loss of 13 million dinars a year earlier.
Alba’s income was boosted by a seven per cent increase in sales to 183.3 million dinars, with strong demand from Saudi Arabia noted, and a 4.7 per cent hike in tonnes produced compared to the same months last year.
Despite the return to profit, Alba missed the estimate of local investment bank SICO Bahrain, which forecast third-quarter earnings of 10 million dinars.
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