Romanian aluminum producer increases profit by 39% on higher prices

Romanian aluminum producer Alro Slatina, one of the biggest companies in the local metal industry, recorded a net profit of RON 125 million (EUR 27 million) in the first quarter of this year, up 39% over the same period of 2017. Its sales also went up 10%, to RON 749 million (EUR 376 million) as the average price of aluminum on the London metal exchange was 16% higher in the first three months of this year compared to the same period of last year. “In the first quarter of 2018 we continued to implement our strong investment program aimed at improving the output and products’ quality, while reducing the overall consumption rates,” said Marian Năstase, Chairman of the Board of Directors of Alro. The group invested some EUR 8.8 million in the first quarter in new technology and processes aimed at increasing the overall efficiency. Alro is indirectly controlled by Russian investor Vitaliy Machitski through the Vimetco group. Romanian aluminum producer hires consultants for potential capital market transaction editor@romania-insider.com