FINANCIAL NEWS

Bahrain- Alba reports USD256m profit for 2012

14 Feb 2013

(MENAFN) Aluminium Bahrain (Alba) announced that its 2012 profits plunged by 54.4 percent to USD256 million from USD562.1 million a year ago, reported Arabian Business.

Alba, which owns the world’s fourth-largest aluminum smelter, attributed the decline to higher energy costs and lower prices.

It said that aluminum cash prices at the London Metals Exchange in the year declined by 16 percent with an average cash price of USD2,019 per metric ton, from USD2,398 in 2011.

Furthermore, Bahrain’s state-run energy supplier had increased the price of gas it sells to the aluminum firm by USD0.75 per 1 million British thermal units (mmbtu) at the start of 2012 to USD2.25/mmbtu.

Sales in 2012 also witnessed a drop of 16 percent from 2011, reaching USD1.98 billion.

It is worth noting that Alba plans to boost its output through an investment of USD2.5 billion that would see the addition of a sixth production line, which would raise annual capacity by 400,000 tons from the 881,000 tons a year at the current time.

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