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Aluminium Bahrain Q1 Net Profit More Than Doubles

Aluminium Bahrain Q1 Net Profit More Than Doubles

The firm said first quarter sales rose 13 per cent year-on-year to BD206.6 million.

Aluminium Bahrain (Alba), owner of one of the world’s largest aluminium smelters, reported a 117 per cent rise in first-quarter net profit on Thursday.

The company’s net income for the first three months of 2015 was BD37.2 million ($98.7 million), up from BD17.1 million in the same period a year ago, the firm said in a bourse filing.

SICO Bahrain forecast Alba would make a quarterly profit of BD25 million.

The firm said first quarter sales rose 13 per cent year-on-year to BD206.6 million.

Alba is close to selecting the financial adviser for its $2.5 billion Line 6 expansion project, having whittled down its choice to two banks, its chief financial officer told Reuters on April 9.

The scheme will make Alba the largest single-site aluminium smelter in the world by boosting per-annum production to around 1.3 million metric tonnes.

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