Aluminium Bahrain (Alba) has reported a 25% drop in profits and total comprehensive income, which fell to $28.5m (BD10.7m) in Q3 2019, compared to $38.1m (BD14.3m) in the same period last year.
According to the Bahrain News Agency, Alba’s top-line and bottom-line for Q3 2019 and the first nine months of the year were both hit by lower London Metal Exchange (LME) prices, which fell 14% year-on-year in Q3 2019 and 16% in the first nine months of the year, compared to the same periods in 2018.
Alba, which says it will become the largest smelter in the world upon the completion of its Line 6 Expansion project, reported that its gross profit climbed 53% year-on-year at $77.6m (BD29.2m) in Q3 2019, while the manufacturer’s total sales remained bullish, climbing 22% year-on-year to $763.6m (BD287.1m) in Q3 2019.
Taking the first nine months of 2019 into consideration, Alba reported a loss and total comprehensive loss of $22.4m (BD8.4m), down 111% year-on-year, compared to the profit and total comprehensive income of $205.6m (BD77.2m) for the same period in 2018.
