MANAMA: The Bahrain Aluminum BSC Company (ALBA) has announced its sales during the 3rd Quarter (3Q) of this year have reached USD 457 million, meanwhile its profits before deduction of interest, taxation, depreciation and bad debts has reached USD 35 million as a result of decreased prices of aluminum in the London Metals' Exchange (LME) and the hike in natural gas prices.
According to Bahrain News Agency (BNA), the company issued a statement today in which it revealed that its net income has reached USD 35 million as a result of reduction in prices at the London Metal's Bourse and the hike in price of natural gas and loss in unrealized profits; meanwhile, Alba's free cash-flow has reached USD 37 million impacted by the drop in prices at the London Metals' Exchange and the rise in prices of natural gas despite its good management of operating capital.
"Despite the low LME levels, Alba was able to still generate free cash flow while the majority of the world’s smelters are operating cash negative. The company’s focus on strengthening its competitive edge through improving production processes across the plant has seen the production on pace to surpass 2011 record," Alba's CEO, Tim Murray said.
For his part, Chairman of Alba's Board of Directors, MahmoodHashim Al Kooheji added: "Alba's resilient business model underpins the company’s healthy performance amid the downtrend of LME prices. This has enabled the company to maintain its position as a flagship for Bahrain’s economy and a key driver to the growth of the kingdom’s aluminum sector." (QNA)
