Aluminum Bahrain bags 502% more profit in the third quarter . . . . . . . . . . . . Aluminum Bahrain (ALBA) reported on Wednesday net profit in the third quarter shot up 502% to $78 million, citing higher aluminum prices. Net profit came at $78 million in the July-September period, compared with only $13 million in the same quarter a year ago. Alba said the surge in its profit came on the back of higher aluminum prices and strong operational performance. Alba’s total revenue for the quarter hit $593 million, while shares jumped 7% on Wednesday trading following the annoucement. Cash London Metal Exchange (LME) aluminum prices jumped to its highest in 18 months in September, and are up 17% this year, which proved highly profitable for Alba. For the upcoming period, the short-term future for aluminum supply is expected to remain in deficit and prices are expected to go higher. Global aluminum consumption is expected to hit 66 million tons in 2018, compared with 52 tons in 2013. #egyptyard
Posted on: Wed, 12 Nov 2014 15:31:14 +0000
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