Aluminium Bahrain reverses loss in Q3 last year to post net profit of $13m
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.For all the latest construction 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.