The company added the budget is revised following the nine-month results, as well as the shutdown of a production unit, according to a report posted on the Bucharest Stock Exchange.
In the first nine months of the year, Alro posted a 70% year-on-year increase in its net profit, while revenue rose 24.5%.
Alro, Romania’s greatest electricity consumer, shut down one of its units in October, since its power supply was reduced. The company buys most of its electricity from state-owned Hidroelectrica, which called force majeure because of the drought and reduced deliveries to all clients.
Following Hidroelectrica’s move, Alro started buying electricity from the regulated market, at twice the price.
Other elements factored into the decision to revise the budget included an increase in the price of aluminum on the London metal exchange, to $2,422 from $2,300, as well as a 5% strengthening of the local currency against the US dollar, to 3.04 from 3.2.
In the revised budget, the company expects a 14% year-on-year increase in revenue, to $843.3 million, while expenditure is expected to widen by 13% to $752.1 million.
The company is owned by the Dutch-registered Vimetco group, which is held by Russian businessman Vitaly Mashitski.
Alro shares were last traded Tuesday, at RON3.28, down 0.91% on the day.