Alu­minium Bahrain Q3 net in­come rises 65.1%

Kuwait Times - - BUSINESS -

DUBAI:

Alu­minium Bahrain (Alba), owner of one of the world’s largest alu­minium smelters, re­ported a 65.1 per­cent rise in third-quar­ter net profit yes­ter­day. Net in­come for the three months to the end of Septem­ber was 14.3 mil­lion di­nars ($38.0 mil­lion), it said in a state­ment, up from 8.7 mil­lion di­nars in the third quar­ter of 2015.

“Alba was able to raise net in­come on the back of a solid op­er­a­tional per­for­mance de­spite a rel­a­tively weak phys­i­cal pre­mium en­vi­ron­ment,” said chief ex­ec­u­tive Tim Mur­ray. SICO Bahrain had fore­cast Alba would make a net profit of 16.9 mil­lion di­nars

The com­pany also said it ex­pected to fi­nal­ize the ex­port credit agency fi­nanc­ing for its Line 6 ex­pan­sion by the first quar­ter of 2017.

Alba will be­come the world’s largest sin­gle alu­minium smelter com­plex, boost­ing its an­nual out­put by 540,000 tons to 1.5 mil­lion tons per year by ad­ding a sixth “pot­line”, used in pro­duc­ing the metal from raw ma­te­ri­als such as baux­ite.

Last month it said it had closed a $1.5 bil­lion loan with re­gional and in­ter­na­tional banks that will fund the Line 6 ex­pan­sion. —Reuters

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