In the first three months of 2012, Alro posted a net profit of RON48 million.
The weak result was due to “significantly lower prices in international markets and to costs and other charges that do not reflect the company’s core performance,” said Marian Nastase, deputy chairman in Alro’s board of directors.
Sales declined 3.3% on the year to RON526 million in the first quarter, from RON544 million in the year-ago period.
Alro said average international aluminum prices fell to $2,002 a ton in the first quarter of 2013, from $2,117 in the same period last year.
The company’s production costs rose to RON474 million in the first three months of 2013, from RON446 million in the year-ago period.
Raw aluminum output reached 62,400 tons, up from 59,675 tons in the first three months of 2012. The company processed 18,821 metric tons of aluminum, compared with 16,549 metric tons in the corresponding period last year.
Alro’s results are computed under international accounting standards and are adjusted for expenses with asset amortization, with derivatives that do not qualify for hedge accounting and with other external factors, the company said in its financial report.
Dutch-based Vimetco controls 84.19% of Alro’s shares, while the remaining shares are distributed among various holders.
Wednesday, Alro’s shares closed down 0.06% at RON1.739 in Bucharest. (EUR1=RON4.3344)