MANAMA: Alba, the world’s largest aluminium smelter ex-China, has reported a loss of BD16.4 million for the second quarter of this year, an increase of 392 per cent year-on-year (YoY) versus a loss of BD3.3m for the same period last year.
The company reported basic and diluted loss per share of 12fils versus basic and diluted loss per share of 2fils for the same period last year.
Total comprehensive loss for Q2 2020 is up by 446pc YoY at BD18.2m versus BD3.3m in Q2 2019.
Gross profit for the second quarter of 2020 was BD21.6m versus BD15.4m in Q2 2019 – up by 41pc YoY.
For the first half of 2020, Alba has reported a loss of BD10.6m, down by 44pc YoY versus a loss of BD19.1m for the same period in 2019.
Basic and diluted loss per share was 8fils versus 14 fils for the same period last year.
Total comprehensive loss for H1 2020 was BD19.8m, up by 4pc YoY, compared to BD19.1m in H1 2019.
Gross profit for the first half was BD55.2m versus BD16.2m in H1 2019 – up by 241pc YoY.
Commenting on the performance, chairman Shaikh Daij bin Salman Al Khalifa stated, “As Covid-19 unfolds, we continue to focus on adapting to the new life norm and keeping our people safe as we navigate together through this crisis.
“Despite the challenging market conditions, we are unlocking our strength as we aim to close 2020 by meeting our production target of 1,540,000 metric tonnes.”
Alba chief executive Ali Al Baqali said, “Despite the odds, we have been able to maintain a stable performance by delivering on our commitments. In the face of this crisis, we choose to get better by capitalising on our safety culture and operational resilience which has led us to achieve more than 24 million safe working-hours without LTI as of to-date.”
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