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Alro reports net profit of RON 376 million for the nine months ended 30 September 2007

Joi, 15/11/2007 - 01:00

Slatina, November 15th, 2007 – Aluminium producer ALRO Slatina (BVB: ALR) has announced its financial results for the nine months ending September 30, 2007, reporting a net profit of RON 376 million. Revenues reached RON 1.6 billion.

These results reflect the majority shareholder’s decision to implement a vertical integration strategy within its Romanian operations, leading to decreased production costs. ALRO has developed its production chain to encompass raw materials, finished products, and retail. In the first nine months of this year, raw material and consumables costs were 10% lower than in the same period of 2006, primarily due to a reduction in alumina prices in 2007.

Additionally, the hedging losses that occurred in Q3 2006 did not reoccur this year, and provisions for risks were substantially reduced in Q3 2007 compared to Q3 2006. The company’s financial costs decreased by 50% from January to September 2007 compared to the same period in 2006.

ALRO has implemented a cost-reduction program to maintain competitiveness in the international market, significantly reducing electricity consumption. However, overall electricity and water costs increased by 20% in the first nine months of this year compared to the same period in 2006, rising from RON 311 million to RON 374.4 million. Employee costs increased by approximately RON 44 million.

From 2002 to 2006, the company invested over USD 150 million in technological and environmental projects, resulting in a production increase of approximately 40%, from 187,000 tpa in 2002 to 262,000 tpa in 2006.

Commenting on the results, Gheorghe Dobra, CEO of Alro Slatina, stated:

“ALRO’s financial results for the first nine months of this year confirm that our development strategy is effectively implemented. We have increased our primary production capacity while simultaneously reducing costs. The investments made over the past five years have led to higher productivity per employee and allowed us to benefit from the increased aluminium demand observed in the international market. The relatively high aluminium prices have also positively impacted our financial results.”