Romanian aluminium maker Alros Q1 net profit drops 60% y/y.

By bne IntelliNews May 16, 2012
The net profit of Romanian aluminium maker Alro dropped by 60% on the year to RON 49.4mn (some EUR 11mn) in the first three months of 2012, news agency Mediafax reported, quoting first-quarter results released by the company. Alro's Jan-March revenue shrank 17.6% y/y to RON 603.4mn. Its expenses decreased by only 7.6% y/y to RON 587.9mn. The main problem faced by Alro currently is the electricity supply because Hidroelectrica has reduced its deliveries since last autumn on emergency situation (low water level in the dams). Hidroelectrica terminated the emergency situation and restored normal deliveries in May. But the preferential contract of Alro came under scrutiny as Hidroelectrica wants to hike the prices.
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