Aluminium Bahrain (Alba) posted a 54% dip in net income in 2012, as a result of lower London Metal Exchange aluminium prices and higher energy costs, the company said last week.
Alba’s net income was $257 million in 2012 compared with $564 million in 2011, on sales that fell 16% to $1.98 billion.
Average LME prices reached $2,019 per tonne in 2012 from $2,349 per tonne in 2011 – a fall of 14%.
“Despite tough LME market conditions, Alba’s resilient business model has enabled the company to achieve a healthy financial performance in 2012, thanks to the sustained focus on operational excellence and the support of our dedicated workforce,” ceo Tim Murray said in a statement.
To combat low prices and high energy costs, Alba’s focus in 2013 will be on leveraging the high physical premiums in its 2013 supply contracts and finalising long-term contracts to secure gas and power.
The company will also maintain its drive to boost value-added product sales, which reached 65% of total sales in 2012 from 62% in 2011, as total sales volumes edged down to 890,291 tonnes in 2012 from 893,020 tonnes in 2011.
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