Aluminium Bahrain Q3 net income rises 65.1%
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