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Aluminium Bahrain (Alba) makes $57 million first quarter profit
Edited by : AL CIRCLE
2 min read
Aluminium Bahrain (Alba) achieved a net income of $57 million for the first quarter this year, the company announced today.
The earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter were $115 million, it said.
The results were impacted by lower aluminium prices and higher gas costs, a statement announcing the results said.
The aluminium smelter’s production rose 2 per cent and sales remained stable despite slowdown in Europe, it said. The company achieved sales of $496 million for the quarter.
.Commenting on the Q1 2012 results, Alba’s chief executive Laurent Schmitt said: “Without LME effect, Alba was able to maintain its performance despite the significant impact of gas price increase -- which took effect in January 01, 2012.
“The overall financial performance was underpinned by a major focus on our Continuous Improvement Programme and Operational Efficiency initiatives. These measures enabled the company to maintain a momentum despite the downward trend of aluminium prices,” he said
Alba chairman Mahmood Hashim Al Kooheji added: 'Alba’s performance in the first quarter reflects, once again, the company’s strong business model that has provided a key foundation for continued growth. A key reason for this success has been the teamwork shown by our skilful workforce and the inspiring leadership of the management on board.
The earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter were $115 million, it said.
The results were impacted by lower aluminium prices and higher gas costs, a statement announcing the results said.
The aluminium smelter’s production rose 2 per cent and sales remained stable despite slowdown in Europe, it said. The company achieved sales of $496 million for the quarter.
.Commenting on the Q1 2012 results, Alba’s chief executive Laurent Schmitt said: “Without LME effect, Alba was able to maintain its performance despite the significant impact of gas price increase -- which took effect in January 01, 2012.
“The overall financial performance was underpinned by a major focus on our Continuous Improvement Programme and Operational Efficiency initiatives. These measures enabled the company to maintain a momentum despite the downward trend of aluminium prices,” he said
Alba chairman Mahmood Hashim Al Kooheji added: 'Alba’s performance in the first quarter reflects, once again, the company’s strong business model that has provided a key foundation for continued growth. A key reason for this success has been the teamwork shown by our skilful workforce and the inspiring leadership of the management on board.
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