Aluminium Bahrain (Alba), which owns the world's fourth-largest aluminium smelter, posted a 54.4 per cent slump in last year profits yesterday, citing lower prices for the decline.
Alba reported net profit of US$256 million (Dh940.3m) for 2012, down from $562.1m in 2011, according to a bourse filing in Bahrain.
The company also blamed higher energy costs for the decline in income. Sales fell 16 per cent year-on-year to $1.98 billion in 2012.
Aluminium cash prices on the London Metal Exchange dropped 16 per cent last year, with an average cash price of $2,019 a tonne, versus $2,398 a tonne in 2011, Alba said.
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