Alba discloses its Financial results for the first quarter of 2020
- Date: 05-May-2020
- Source: Bizbahrain
- Sector:Financial Markets
- Country:Bahrain
Alba discloses its Financial results for the first quarter of 2020
Aluminium Bahrain B.S.C. (Alba) the world's largest aluminium smelter w/o China, has generated Profit of BD 5.7 million (US$ 15.3 million) for the first quarter of 2020, up by 136% Year-over-Year (YoY) versus a Loss of BD 15.8 million (US$ 42 million) for the same period in 2019.. The Aluminium downstream has lowered output levels or has already shutdown.. China production up by 2% YoY [high-cost smelters curtailed their output thanks to drop in SHFE price].. Sales' volume topped 379,274 metric tonnes (MT) - up by 48% YoY while Production reached 388,637 MT - up by 43% YoY.. Commenting on Alba's financial performance for the first quarter of 2020, the Chairman of Alba's Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa stated: "As the world is facing unprecedented times with the novel COVID-19 outbreak, we managed to close the first quarter of this year with overall good performance despite depressed LME prices..