LONDON — Aluminium Bahrain BSC’s (Alba’s) net income fell about 54 percent in 2012 as a result of lower London Metal Exchange aluminum prices and higher energy costs, the company said.

Alba’s net income was $257 million in 2012 compared with $564 million in 2011 on sales that fell 16 percent to $1.98 billion.

Average LME prices reached $2,019 per tonne in 2012, down 15.8 percent from $2,398 per tonne in 2011.

"Despite tough LME market conditions, Alba’s resilient business model has enabled the company to achieve a healthy financial performance in 2012, thanks to the sustained focus on operational excellence and the support of our dedicated work force," chief executive officer Tim Murray said in a statement.

To combat low prices and high energy costs, Alba’s focus in 2013 will be on leveraging the high physical premiums in its 2013 supply contracts and finalizing long-term contracts to secure gas and power.

The company will also continue working to boost value-added product sales, which reached 65 percent of total sales in 2012, up from 62 percent in 2013.

A version of this article was first published by AMM sister publication Metal Bulletin.