MANAMA: Aluminium Bahrain (Alba) reported net income of $46 million in first of 2014 versus $108 million for the same period in 2013, down by 57% YoY on the back of 15% decrease in LME prices.
“Alba had strong operational performance despite a significant drop in LME prices. Alba was able to increase free cash flow for the quarter in the face of difficult market conditions.
For the remainder of 2014, Alba will focus on leveraging the strong physical premiums and accelerate our initiatives under Project Titan,” Alba’s Chief Executive, Tim Murray said.
“Alba continues to make money and maintain strong operational fundamentals despite the very difficult LME price environment. I would also like to thank all the employees of Alba for their continued efforts to improve safety,” the Chairman of Alba’s board of directors, Daij bin Salman bin Daij Al Khalifa, added.
Alba’s metal sales for the first quarter of 2014 reached $459 million compared to $498 million in Q1 2013 due to lower LME prices, down by 15% YoY basis.
Alba had generated $27 million from non-metal sales in the first quarter 2014 bringing total sales revenue to $486 million versus $498 million in Q1 2013.
The LME cash average was at $ 1,708 metric tonnes (mt) in Q1 2014 compared to $2,001 mt for the same period last year.
Alba’s Chief Executive Officer, Tim Murray, Chief Financial Officer, Ali Al Baqali and Investor Relations Manager, Eline Hilal will hold a conference call on Monday May 12, 2014 to discuss Alba’s performance for the first quarter of 2014 as well as outline the company’s priorities for the remainder of this year.