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Lower LME prices, premiums drag down Aluminium Bahrain's H1, Q2 earnings

AluminiumBahrain BSC, or Alba, said July 25 that its second-quarter netincome fell by 45% to 16.3 million Bahraini dinars from 29.8 million dinars inthe same period of 2015, while first-half net income dropped to 20.5 milliondinars from 67 million dinars a year ago.

Despite a 3.2% year-on-year increase in sales volume duringthe second quarter, at 239,739 tonnes, the company's revenues in the period fared17% lower annually, to 165.7 million dinars from last year's 199.4 milliondinars.

Total sales revenues in the first half also fell by 21% yearon year to 322.2 million dinars from 405.9 million dinars.

Alba attributed the lower first-half revenues and net incometo lower prices and premiums at the London Metal Exchange, with aluminum pricesaveraging US$1,571 per tonne in the second quarter from US$1,769 per tonne inthe same period of 2015.

The company further noted that the Line 6 expansion projectat its Knuffsmelter is progressing as planned and that it expects to award the powerstation contracts and finalize a syndicated loan tranche in the third quarter.

Alba was reportedly targeting a seven-year US$750 million loan that has anamortizing structure to support the Line 6 expansion project.

As of July 22, US$1was equivalent to 0.38 Bahraini dinar.