Murray and Al Kooheji
Alba suffers Q3 loss of $35m
Manama, November 4, 2012
Aluminium Bahrain (Alba), ranked as one of the largest aluminium smelters in the world, has registered a net loss of $35 million for the third quarter, a statement said.
Announcing the third quarter results on Sunday, Alba chief executive Tim Murray said: "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," he stated.
Alba pointed out that global consumption had gone up by 3.9 per cent while world production fell by 2.4 per cent. The demand for aluminium remains very tight on the back of strong North American, Mena and Asian demand, it added.
According to Murray, the LME cash average fell to $1,922 mt from $2,400 mt in the same period last year.
Chairman Mahmood Hashim Al Kooheji said, "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 aluminium sector."
The key highlights of the third quarter include Alba’s settlement of Rico case with Alcoa for a total value of $447 million consisting of $85 million cash component along $362 million from long-term alumina sales agreement.
Besides the period saw a boost in production capacity in Pot Line 5 through the successful implementation of the 1600 mm long anode, he added.-TradeArabia News Service
More Industry, Logistics & Shipping Stories
- Flare, Jordan form parent company ‘Aereon’
- Drydocks delivers second MCV for US
- ASIS launches amphibious leisure boat
- Taskforce sought to develop Saudi downstream sector
- DP World launches $200m India project
- RAK 'exploring' ceramics unit stake sale
- Mideast carriers top global air freight growth
- DMCA launches maritime solution apps
- Saudi plans oil-to-chemicals plant at Yanbu
- Sabic gets four bids for JV with Mitsubishi Rayon
- Pentair, IDC launch industrial services JV
- Major maritime conference to be held in Dubai
- GPIC wins key IFA certification
- Gulf rules must aid e-commerce: Aramex
- Gulftainer expands 2013 ops by 50pc
- DMCA to take part in Dubai boat show
- Al Namal to launch eco-friendly chillers
- Abu Dhabi city ports to receive facelift
- Kuwait Styrene posts $180m net profit
- Drydocks set for key energy event
- Aramex launches new address check system
- Toshiba in green push at Bahrain expo
- Equate net profit surges 14pc to $1.2bn
- Shaikh Daij named new Alba chairman
- Al Abbas wins logistics rights to Sudan
- Milaha profits jump 14pc to top $260m
- BIC, Al Zayani renew partnership
- Dubai Metro to open 2 stations Saturday
- Top petchem firms back UAE plastics events
- DGCX, China’s DCE launch plastics futures