03 SEPTEMBER 2012The Telegraph
Vimetco numbers hit by lower aluminium prices
Edited by : AL CIRCLE
1 min read
Vimetco reports that sales for the half year were USD 1,180 million (H1 2011: USD 1,382 million). The decrease mainly reflected lower aluminium prices, accompanied by weaker demand.
In the first half of 2012, the cost of goods sold decreased by approximately 10% to USD 1,053 million, from USD 1,176 million during H1 2011.
Despite the lower sales volume, Vimetco had a positive EBIT of USD 80 million, in H1 2012, down from USD 167 million in H1 2011.
The net finance costs increased to USD 233 million, in the first half of this year, up from USD 88 million, in H1 2011, with total interest expenses of USD 112 million, increasing from USD 88 million, in the first half of the previous year. Please also see note 7 in the half-year accounts.
The Group's financial result was also impacted by the strong appreciation of USD against RON, with a loss of approximately USD 24 million in the first half of 2012, up from a gain of USD 5 million the previous year.
All these factors led to a loss of USD 166 million for the period, from a USD 48 million profit in H1 2011 (restated).
In the first half of 2012, the cost of goods sold decreased by approximately 10% to USD 1,053 million, from USD 1,176 million during H1 2011.
Despite the lower sales volume, Vimetco had a positive EBIT of USD 80 million, in H1 2012, down from USD 167 million in H1 2011.
The net finance costs increased to USD 233 million, in the first half of this year, up from USD 88 million, in H1 2011, with total interest expenses of USD 112 million, increasing from USD 88 million, in the first half of the previous year. Please also see note 7 in the half-year accounts.
The Group's financial result was also impacted by the strong appreciation of USD against RON, with a loss of approximately USD 24 million in the first half of 2012, up from a gain of USD 5 million the previous year.
All these factors led to a loss of USD 166 million for the period, from a USD 48 million profit in H1 2011 (restated).
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