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Wed 11 Nov 2015 05:25 PM

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Aluminium Bahrain blames price slump on 70% Q3 net income fall

Owner of one of the world's largest aluminium smelters sees challenging market during third quarter of 2015

Aluminium Bahrain blames price slump on 70% Q3 net income fall

Aluminium Bahrain (Alba), owner of one of the world's largest aluminium smelters, reported a 70 percent fall in third-quarter net income on Wednesday that it blamed on a slump in prices.

Net income for the three months to Sept. 30 was 8.7 million dinars ($23.07 million), down from 29.5 million dinars in the same period a year ago, Alba said in a statement.

SICO Bahrain forecast the firm to make a quarterly profit of 9.1 million dinars when polled by Reuters.

"Despite the collapse of all-in-aluminium prices, Alba has been able to maintain its strong intrinsic performance in a challenging market," Alba chief executive Tim Murray said in the statement.

The firm is seeking a credit rating ahead of talks with banks about fundraising for a $3.5 billion expansion, a company official told Reuters in August.

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