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Bulgaria's Alcomet cuts H1 non-cons net profit, revenue, lowers output

Author Mario Tanev
Bulgaria's Alcomet cuts H1 non-cons net profit, revenue, lowers output Alcomet/All rights reserved

SOFIA (Bulgaria), July 30 (SeeNews) - Bulgarian aluminium products manufacturer Alcomet [BUL:6AM] said that its non-consolidated net profit dropped to 5.5 million levs ($3.1 million/2.8 million euro) in the first half of 2019 from 8.0 million levs in the same period of 2018, following a decrease in revenue.

The company's revenue fell to 184.4 million levs in the first six months of the year from 197.4 million levs in the comparable period of 2018, Alcomet said in an interim financial statement on Monday.

Alcomet's sales declined 3% year-on-year in terms of volume in the review period.

The company sold 12,223 metric tons of extruded products in the January-June period of 2019, slightly up from 12,038 m.t. sold the year before. Rolled products sales fell to 21,599 m.t. in the period under review from 22,798 m.t. sold in the first half of 2018.

The company's biggest market last year was Germany, with a 24.1% share of all sales, followed by Italy and Spain which accounted for 14.7% and 10.6% of all sales, respectively.

Alcomet's output decreased to 33,968 m.t. of rolled and extruded products in the first half of 2019, compared to 34,999 m.t. the year before. Extruded products output rose to 11,681 m.t. from 11,397 m.t., while production of rolled products fell to 22,287 m.t. from 23,602 m.t.

Earlier this year, the company launched a new aluminium profiles production facility and said it is aiming to enter the automotive parts industry. The new Hybrex press, produced by Germany's SMS Group, will allow Alcomet to boost its extruded products output in the medium term to 35,000 tonnes per year, the company said at the time.

Alcomet produces household, technical and container foils, finstock, sheets and strips, as well as standard and customized profiles. The company exports over 90% of its output.

(1 euro = 1.95583 levs)