Alro 1Q Net Profit More Than Doubles To RON120.2M

05.12.2011 By Florentina Dragu

Romanian Alro Slatina (ALR.RO), the largest aluminum smelter in southeast Europe, Thursday said its net profit more than doubled on the year to 120.24 million lei (EUR29.3 million) in the first quarter, on higher sales.

In January to March last year, Alro reported net profit of RON50.5 million.

Alro said total revenue rose 56% on the year to RON732.6 million in the first quarter, while expenditure was up 44% to RON588 million.

Overall sales stood at RON564.3 million, up 36.2% from RON414.2 million in the first quarter of 2010, according to the company's financial report.

Alro's results are unaudited and computed in accordance with Romanian accounting standards.

Dutch-based Vimetco controls 84.18% of Alro's shares, while the remaining shares are distributed among various holders.

On the Bucharest bourse Thursday, Alro closed flat at RON3.98 a share. (EUR1=RON4.0997)