Romanian aluminium producer Alro Slatina registered 2,384 billion lei in revenues over the first quarter of this year, 53% higher than the year-ago period. The figure exceeded all expectations, as the company's revenues and expenditures budget pinned 2,176 million lei for Q1 revenues.
Alro economic manager Marin Nitu explains that the increase was possible due to the evolution of the exchange and inflation rates, though the aluminium output did not significantly rise.
"The aluminium output, amounting to 44.686 tonnes, matched last year's level and the aluminium price on the international market stood at 1,500 dollars/tonne. Moreover, last year, we used to sell on stock, which was more than we produced. It did not happen this year," Marin Nitu told Ziarul Financiar.
Alro sold 40,000 tonnes of aluminium over the first quarter of 2001. "This year's piles will certainly be sold over the next period," Nitu said. While the company's sales soared, profits mounted by a mere 8%, up to 441.84 billion lei, as compared to the year-ago period.
"Over the first quarter of last year, we took over some of the previous year's Q4 profits, because, at the beginning of 2000, we sold part of the output produced at the end of 1999," Nitu said.
The company expects 1,662 billion lei in gross profit and 9,558 billion lei in total revenues this year, meaning that Q1 results are "right on schedule."
"As far as we are concerned, there will be no problems. Even if this year's budget is based on 1,600 dollars/aluminium tonne, while the current price is 1,500 dollars/tonne, we think we will reach our goals," Alro director concluded.
Q1 investments are also developing as planned at Alro, as their level was estimated to stand at 203.4 billion lei. This year's budget pins total investments worth 35 million dollars, which will come from the company's own financing sources.
Alro aluminium output is estimated to stand at 178,000 tonnes, which almost equals last year's level. Exports will stand for 76.2% of the company's turnover.
Alro shares are listed on the Bucharest Stock Exchange and have been traded again since April 23, after a halt triggered by the General Assembly of Shareholders meeting.
Monday's closing price was 19,000 lei, down 5% as compared to the last trading price. Brokers say the decrease was triggered by the numerous sales orders, as shares had been withdrawn from trading, and by the company's failure to triple its share capital.
Alro share capital is worth 792.29 billion lei and its main shareholders are APAPS, with a 54.7% stake, Conef, holding 10.5%, and Romanian Investment Company Cyprus, with 10%. Investment fund Broadhurst, which used to own 10% in Alro, sold its shares, which were purchased by Rafferty, Radiance and Globoid Finance Establishment.
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
