Bahrain's Alba swings to Q4 net loss on prices, retirement scheme

Aluminium Bahrain posts net loss of nearly $42m for the three months to December 31
Bahrain's Alba swings to Q4 net loss on prices, retirement scheme
By Reuters
Thu 18 Feb 2016 05:59 PM

Aluminium Bahrain (Alba), owner of one of the world's largest aluminium smelters, swung to a fourth-quarter loss on Thursday as it was hit by lower prices for the metal and a one-off contribution to an early retirement scheme.

Alba's net loss for the three months to Dec. 31 was 15.8 million dinars ($41.95 million), it said in a statement.

This compares with a net profit of 34.6 million dinars in the prior-year period and the forecast by an analyst at SICO Bahrain, who expected a quarterly net loss of 3.7 million dinars.

Alba made a net profit of 59.9 million dinars in 2015, down from the 96.5 million dinars recorded for the previous year, the statement said.

The company said it was proposing a total cash dividend worth 15.5 million dinars for 2015, of which half the figure had already been paid as an interim dividend.

The full-year dividend pot is below the 37.9 million dinars allocated for 2014.

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