Alba posts strong results

Demand for aluminium across markets proved to be more resistant to the recent turmoil than other base metals in the third quarter of the year, Alba chief executive Laurent Schmitt said.

"Aluminium demand maintained a healthy growth and proved to be more resistant to the recent turmoil than other base metals," he said.

"There was no real slowdown seen in world consumption as year-to-date growth remained flat at 10 per cent.

"Major infrastructural investments in the Middle East and North Africa region have helped in sustaining a healthy demand for aluminium."

Alba saw additional recurrent savings of $59 million recorded in the year to date ahead of the target by $6.5m, while production increased by 5pc and sales by 8.3pc for the same period.

Sales volume reached $582m in the third quarter as compared to $447m last time.

Net income received a boost from unrealised derivative gains and stood at $214m compared to a loss of $51m in the third quarter last year.

"Alba achieved a sound financial performance in the third quarter of 2011 on the back of higher production levels, sales and profits," said Mr Schmitt.

"We have surpassed our own sales forecast for this period thanks to the successful implementation of the Continuous Improvement Programme and the support shown by Alba's skilful workforce.

"Looking ahead, we remain confident that the milestones achieved throughout the last three quarters of 2011 will lay the foundations for a positive outlook for the remainder of 2011," he said.

"Our focus on Operational Excellence initiatives - Six Sigma and AlbaSafeWay - launched in the third quarter of 2011 will provide us with a good platform to embark on 2012," he added.

"Alba has, once again, delivered on its promise in meeting its goals," said chairman Mahmood Al Kooheji.

"This success clearly reflects that the company is on the right track, and well-determined to surpass its growth targets for the remainder of 2011," he added.