Vimetco Reports $57.4M Net Profit In 2010 From Romanian Operations

04.28.2011 By Andrei Circhelan

Dutch group Vimetco, owner of Romanian smelter Alro Slatina (ALR.RO), posted a net profit of $57.4 million in Romania last year, up 19.5% from $48 million in 2009, according to financial results published Thursday.

Dutch group Vimetco, owner of Romanian smelter Alro Slatina (ALR.RO), posted a net profit of $57.4 million in Romania last year, up 19.5% from $48 million in 2009, according to financial results published Thursday.

Vimetco said its Romanian sales rose to $589.3 million, from $526.5 million in 2009.

The operating profit obtained from Romania sales rose to $113.6 million, from $94.7 million, while general and administrative expenditure rose to $54.7 million, from $47 million. Restructuring costs dove to $137,000, from $6 million.

Vimetco operations in Romania include alumina production in Tulcea, primary and processed products at Alro Slatina, and extruded products at Vimetco Extrusion, also in Slatina.

The group also noted it has extended an electricity supply contract with hydropower plant Hidroelectrica, which means Alro will have a stable source of energy until 2018, covering 75% of production needs at Slatina. Furthermore, the group considers reactivating the remaining 25% of production, which was ceased in 2009.