Net Income received a boost from unrealized derivative gains and stood at $214 million in Q3 2011 as compared to a loss of $51 million in Q3 2010. Adjusted Net Income was $97 million as compared to $55 million for the same period of 2010. EBITDA reach at $159 million in Q3 2011 as compared to $110 million in Q3 2010.
Healthy free cash flow of $155 million sustained by strong EBITDA levels and efficient working capital management.
No real slowdown was seen in the world consumption as year-to-date growth remained flat at 10 per cent. Major infrastructural investments in the MENA region have helped in sustaining a healthy demand for aluminium.
Additional recurrent savings of $59 million recorded YTD ahead of target by $6.5 million while production increased by 5 per cent and sales by 8.3 per cent for the same period.
Commitment to deliver on our action plans to achieve additional savings of $70 million in 2011. Feasibility studies to determine optimum energy and technology solutions for Line 4 and Line 5 (CREEP) as well as for the Line 6 expansion project to be completed by year-end 2011
“Alba achieved a sound financial performance in the third quarter of 2011 on the back of higher production levels, sales and profits. We have surpassed our own sales forecast for this period thanks to the successful implementation of the Continuous Improvement Program and the support shown by Alba’s skilful workforce,” Laurent Schmitt, Alba CEO, said.
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Looking ahead, he added, we remain confident that the milestones achieved throughout the last three quarters of 2011 will lay the foundations for a positive outlook for the remainder of 2011. Our focus on Operational Excellence initiatives, Six Sigma & AlbaSafeWay launched in the third quarter of 2011, will provide us with a good platform to embark on 2012.
“Alba has, once again, delivered on its promise in meeting its goals. This success clearly reflects that the company is on the right track, and well-determined to surpass its growth targets for the remainder of the 2011,” Mahmood Hashim Al Kooheji, said.
Alba’s Chief Executive, Laurent Schmitt and Chief Financial Officer, Tim Murray and IR Manager Eline Hilal will holding a conference call to present the third quarter results and provide an update on the company’s key priorities for the remainder of 2011.
Alba has been consistently ranked as one of the largest aluminium smelters in the world, and is known for its technological strength, global competitiveness and innovative policies. Alba produces more than 860,000 metric tonnes per annum of aluminium which meet or exceed the industry standard for purity, with products including standard and T-ingots, extrusion billets, rolling slab, propertzi ingots, and molten aluminium.