Romanian aluminum smelter Alro posted a first-half net loss of RON 80 million (EUR 17.92 million), compared with a net profit of RON 132.2 million in the year-ago period, the company said Thursday. Alro’s losses are five time bigers than in the same period last year when it recorded a negative result of RON 16.9 million.
“Given the high volatility of financial instruments included in the energy acquisition contract, starting with the first quarter of 2013, the company’s management that the net adjusted result is a far more relevant indicator to track performance”, according to the company’s press release.
Total revenues dropped 29 percent to RON 996.4 million (EUR 223.18 million) and expenses also decreased by 13.3 percent to RON 1.12 billion (EUR 251,9 million). Alro Slatina posted a turnover of RON 073 million, down 5.4 percent from RON 1.02 billion.
Alro produced 127,605 tonnes of aluminum, up 2.37 percent on the year, and sold 70,300 tonnes of primary aluminum and 39,738 tonnes of processed aluminum.