Bahrain-based Alba posts $15mln net profit in first quarter – ZAWYA

Bahrain-based Alba posts $15mln net profit in first quarter – ZAWYA

MANAMA: Aluminium Bahrain, the world's largest aluminium smelter ex-China, has generated a net profit of BD5.7 million ($15.3m) for the first quarter, compared with a loss of BD15.8m ($42m) during the same period in 2019.. The total comprehensive loss for the first quarter stood at BD1.6m ($4.3m) versus total comprehensive loss for the first quarter of 2019 of BD15.8m ($42m) - up by 90pc YoY thanks to changes in fair value of cash flow hedge.. Alba's top-line and bottom-line were driven in the first quarter of 2020 by higher metal sales volume thanks to Line 6 and impacted by lower LME price (down by 9pc YoY - $1,690/t in Q1 2020 versus $1,859/t in Q1 2019).. According to Alba, the unprecedented halt in the global economic activity has sent shockwaves through the entire aluminium supply-chain.. Commenting on Alba's financial performance for the first quarter of 2020, Alba board of directors chairman Shaikh Daij bin Salman Al Khalifa said: "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..