Bahrain's Alba swings to Q3 net profit on Saudi sales

Aluminium Bahrain reverses loss in Q3 last year to post net profit of $13m
Bahrain's Alba swings to Q3 net profit on Saudi sales
By Reuters
Wed 06 Nov 2013 05:52 PM

Aluminium Bahrain (Alba) swung to a third-quarter net profit on higher sales to Saudi Arabia, the owner of the world's fourth-largest aluminium smelter said on Wednesday.

Net profit for the three months to September 30 was BD4.9m ($13 million) versus a net loss of BD13m a year earlier.

Alba's income was boosted by a 7 percent increase in sales to BD183.3m, with strong demand from Saudi Arabia noted, and a 4.7 percent hike in tonnes produced compared to the same months last year.

Despite the return to profit, Alba missed the estimate of local investment bank SICO Bahrain, which forecast third-quarter earnings of BD10m.

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