Bahrain's Alba nearly doubles Q1 profits

Gains from financial instruments sees net profits soar to more than $107m in first quarter
Bahrain's Alba nearly doubles Q1 profits
(Photo for illustrative purposes only)
By Reuters
Wed 08 May 2013 09:44 AM

Aluminium Bahrain (Alba), owner of the world's fourth-largest aluminium smelter, saw first-quarter profits nearly double on the back of gains from financial instruments.

Alba said its first-quarter net profit rose to BD40.5m ($107.43m) from BD21.3m in the year-ago period.

Results were boosted by a BD10.2m gain from derivative instruments, which had resulted in a loss of BD7.7m in the year-ago quarter, Alba said in a bourse statement on Wednesday.

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