Aluminium producer Alro Slatina registered on the first half of this year gross profit standing at 824 billion lei, over four times higher than profit registered during the same period of last year. Practically, against the official quotation communicated on Monday, Alro has profit of 37.32 million dollars, namely over two million dollars higher than profit posted on the entire year 1999.
Financial results on the first half of this year were approved during the meeting of the company's General Assembly of Shareholders that took place on Monday.
Expected by speculators holding Alro stock, the approval of asset revaluation was however deferred to the next AGA that will be held on September 4.
Alro stock was intensely speculated toward the end of July, most market investors betting on the possibility of the company's asset revaluation and on the distribution of free stock.
"Rumours on the market referred to reassessment that would have brought each stakeholder at the reference date two free shares for one held share," a broker said.
Alro stock reached a trading maximum of 200,000 lei per share during July 24 session, followed by a slightly descending session.
At present, Alro stock has a market value worth 178,000 lei per share, which practically represents a drop of 8.71 percent as compared to the maximal reference quotation of 195,000 lei per share, reached on July 24.
Monday's AGA also approved the readjustment of the Revenue/Expenditure Budget (BVC) for the entire year 2000.
Thus, "within the new BVC, net profit estimated by Alro officials climbed to 906 billion lei, forecast gross profit standing at 1,019 billion lei. Total revenues the company counts on during this year come to 6,372 billion lei, while expenditures total 5,352 billion lei," Marin Nitu, Alro economic manager, told Ziarul Financiar.
During this period, Alro registered total revenues standing at 3,273.04 billion lei and total expenditures of 2,449 billion lei. Most capital market operators recommend a Buy position, since Alro stock is one of the most viable placements on the capital market.
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