LONDON Aluminium Bahrain
BSCs (Albas) 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.
Albas 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, Albas 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, Albas 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