Alba posts net income of $86m in H1
Manama, July 27, 2014
Alba's total sales for the first six months of this year were BD376.4 million ($1.001 billion) versus $1.018 billion in the corresponding period last year, on the back of higher premium partially offset by lower LME prices.
Sales for the second quarter of this year reached $515 million compared with $520 million for the same period in 2013, said a report in the Gulf Daily News (GDN), our sister publication.
The company posted a net income of $86 million for the first half of 2014, versus $163 million.
Net income for the second quarter of 2014 stood at $41 million compared with $55 million, driven by low LME prices.
The board has recommended an interim cash dividend of 12 fils per share, which is $45 million.
"Alba was able to deliver another strong operational performance and improve safety by achieving 4 million hours without an LTI," Alba's chief executive Tim Murray said.
"We were able to increase cash flow year-over-year despite lower LME by accelerating the savings on project Titan," he added.
"Alba continues to improve its underlining performance and achieve sustained earnings amid tough LME market conditions," Alba chairman Shaikh Daij bin Salman bin Daij Al Khalifa said.
"I would like to thank all the employees of Alba for the continued focus on safety," he added.
Murray, chief operations officer Isa Al Ansari and investor relations manager Eline Hilal will be holding a conference call tomorrow to discuss the company's performance for the second quarter as well as first half of 2014 and outline the company's priorities for the remainder of this year. - TradeArabia News Service