News Column

Alba registers sales of $464m in first quarter

May 8, 2014

MANAMA: Alba yesterday reported sales of $464 million for the first quarter as against $498m in the same period last year.

This was due to a 15 per cent year-on-year drop in prices on the London Metal Exchange (LME).

The company has registered a net income of $46m versus $108m for the same period last year, down by 57pc year-on-year on the back of the decrease in LME prices.

In March, Alba paid $82m as final dividend for last year bringing the total dividend for the year to $135m. Physical premiums are up 38pc year-on-year.

Sales figures are up by 3.1pc year-on-year while production figures are up by 2.1pc year-on-year on the back of strong operational performance.

Sales of value-added products represent 66pc of total shipments, stable when compared with first quarter last year.

"Alba had strong operational performance despite a significant drop in LME prices," Alba chief executive Tim Murray said.

"The company was able to increase free cash flow for the quarter in the face of difficult market conditions.

"For the remainder of the year, we will focus on leveraging the strong physical premiums and accelerating our initiatives under 'Project Titan'," he said.

Completion of line six bankable feasibility study within the first half of the year is also a priority.

"Alba continues to make money and maintain strong operational fundamentals despite the very difficult LME price environment," Alba chairman Shaikh Daij bin Salman Al Khalifa said.

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Source: Gulf Daily News (Bahrain)

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