Romanian Alro Eyes $30M Annual Sales Boost, On Upgrades

04.01.2011 By Andrei Circhelan

Romanian aluminum maker Alro Slatina (ALR.RO) forecasts a competitiveness increase project supported by EU financing will boost the company’s annual sales by at least $30 million, company general manager Gheorghe Dobra said Friday.

Romanian aluminum maker Alro Slatina (ALR.RO) forecasts a competitiveness increase project supported by EU financing will boost the company's annual sales by at least $30 million, company general manager Gheorghe Dobra said Friday.

Last week, Alro said it will invest 43.6 million lei (EUR1=RON4.1141) in a competitiveness increase project, using non-reimbursable European funds worth RON17.18 million.

The funding contract was concluded over a 32-month interval and it will be implemented at the Slatina unit.

"Through this project, company sales will rise by at least $30 million per year," Dobra told a news conference.

Alro is 84.1% owned by Dutch-registered Vimetco, while Fondul Proprietatea (FP.RO) holds a 10.05% stake.

The company posted a 30% annual rise in sales last year, to RON1.81 billion, while net profit doubled at RON160.44 million, on cost reductions and international aluminum price increases.

Friday in Bucharest, Alro shares were up 3.7% at RON3.92, outperforming the general index BET-C, which was gaining 0.6%.