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