Alro forecasts double profit in 2010Publish date: 01-04-2010
The largest aluminium producer in the Central and Eastern Europe, Alro Slatina (south-west of Bucharest) estimates 57 million dollars net profit in 2010, almost double as 30.7 million dollars in 2009, according to a news release sent Bucharest Stock Exchange.
The aluminium producer budgeted a turnover of 580 million dollars, around 25 percent higher than last year, which amounted to 463.8 million dollars. Alro representatives claim that the estimates were made based on the evolution of aluminium demand and prices. 'It is our intention to invest in strengthening the capacity of higher value-added products and, at the same time, in cutting costs, improving the efficiency and quality as well as the working conditions,' daily Financiarul quotes vice-chairman of Alro's Board of Directors Marian Nastase as saying.
Alro's investment budget this year amounts to 15.28 million dollars, as compared to six million dollars in 2009, a year that witnessed significant reductions because of the economic crisis effects. At the same time, the aluminium production will increase by 13.5 percent, from 201 thousand tons to 228 thousand tons. The main stakeholder is the global primary and processed aluminium company Vimetco, controlled by the Russian businessman Vitali Matsitski.
Alro management budgeted an increasing business and profit for the alumina refinery Alum Tulcea (north-east of Bucharest), also owned by Vimetco. Thus, the net profit will increase from 4.45 million dollars to 5 million dollars, and the turnover from 25.6 million dollars to 149 million dollars.Alum budgeted an investment programme worth 6.23 million dollars for 2010.
'The company will invest in automation, specific consumptions reduction and efficiency increase. It will also carry on with the programme of building an installation which allows the thick slime to be stored in line with the international best practices,' the news release informs.
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