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Bulgaria's Alcomet lowers 9-mo net profit, revenue

Author Mario Tanev
Bulgaria's Alcomet lowers 9-mo net profit, revenue Alcomet/All rights reserved

SOFIA (Bulgaria), October 30 (SeeNews) - Bulgarian aluminium products manufacturer Alcomet [BUL:6AM] said that its non-consolidated net profit dropped to 8.3 million levs ($4.7 million/4.2 million euro) in the January-September period of 2019 from 12.0 million levs in the same period of 2018, following a decrease in revenue.

The company's revenue fell to 273.7 million levs in the first nine months of the year from 288.2 million levs in the comparable period of 2018, Alcomet said in an interim financial statement on Monday.

Alcomet's sales edged up 0.6% year-on-year in terms of volume.

The company sold 18,042 metric tons of extruded products in the January-September period of 2019, up by an annual 3.8%. Rolled products sales fell fell 1% year-on-year to 32,884 m.t. in the period under review.

The company's biggest market in the review period was Germany, with a 24.3% share of all sales, followed by Italy and Poland which accounted for 14.7% and 10.4% of all sales, respectively.

Alcomet's output edged up 0.5% to 51,598 m.t. of rolled and extruded products in the first nine months of 2019. Extruded products output rose to 17,414 m.t. in the review period from 16,773 m.t. the year before, while production of rolled products dipped to 34,184 m.t. from 34,554 m.t.

The company's operating expenses fell to 264.4 million levs in the review period from 274.9 million levs a year earlier, as expenses for materials dropped to 193.4 million levs from 223.2 million levs.

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)

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