Romanian Alro Ups 2011 Net Profit Forecast To $76M
Romanian aluminum maker Alro Slatina (ALR.RO) revised its budget for 2011 as it now expects a net profit of $76 million, up 19% from the initially seen $64 million, despite buying electricity at higher prices.
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.
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Cristina Roșca
