Aluminum producer Alro Slatina recorded a consolidate net profit of RON 154 million (EUR 33 million) in the first half of this year, down by 17.5% compared to the same period of 2017.

The group’s sales increased by 13%, to RON 1.56 billion (EUR 336 million), as the primary aluminum production reached almost 145,000 tons, up 4% year-on-year.

The aluminum price on the London Metal Exchange (LME) was also higher, reaching an average of USD 2,209/tonne in H1 2018, compared to USD 1,880/tonne in the same period of 2017. However, the group’s profitability was negatively impacted by higher energy costs.

Alro is controlled by Netherlands-based Vimetco group, which holds an 87% stake in the company. Vimetco recently tried to sell a 54% stake in the company through a secondary public offering on the Bucharest Stock Exchange, but the transaction failed due to adverse market conditions, the group announced.

editor@romania-insider.com