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FINANCIAL NEWS
Bahrain- Alba posts USD95m net profits in Q2
30 Jul 2012
(MENAFN) Aluminium Bahrain’s (Alba) chairman, Mahmood Hashim Al Kooheji, stated that the company’s profits during the second quarter fell to USD95 million, compared with USD185 million in 2011’s same period, reported Arabian Business.
Al Kooheji said that during the period, sales were stable at USD523 million, due to continuing operational excellence initiatives, while the firm’s output went up by 1.7 percent, and extra recurrent savings stood at USD12 million.
The decline in profits was attributed to lower London Metal Exchange (LME) prices and higher gas costs.
It is worth noting that during the second quarter, global consumption for aluminum products rose by 3.2 percent compared to last year’s same period, whereas world market output was up by 2.2 percent.
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