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.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.