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Bulgaria's Alcomet sees profit soar in Q1 as revenue doubles

Bulgaria's Alcomet sees profit soar in Q1 as revenue doubles Alcomet/All rights reserved

SOFIA (Bulgaria), May 4 (SeeNews) - Bulgarian aluminium products manufacturer Alcomet [BUL:ALCM] posted a sharp increase in its first-quarter standalone net profit, to 5.7 million levs ($3.07 million/2.9 million euro), from 171,000 levs ($106,300/87,430 euro) in the same period of 2021.

Alcomet's revenue more than doubled year-on-year to 226 million levs in the three months through March, from just over 109 million levs a year earlier, the company said in an interim financial statement last week.

However, the war in Ukraine compounded the negative effects of the pandemic leading to a spike in the price of electricity, raw materials and commodities as well as transport and logistics expenses, Alcomet said.

The company's first-quarter expenses surged to 218.2 million levs from 107.9 million levs a year earlier.

In terms of volume, Alcomet's overall sales rose 11.2% to 23,959 mt in the quarter under review from 21,546 mt in the first three months of 2021. Sales of extruded products increased 10.5% to 8,391 mt, while sales of rolled products added 11.6% to 15,568 mt.

In the January-March period, Germany remained the company's largest market with a 18.4% share of all sales, followed by Italy and Poland with 13.8% and 10.8%, respectively, although all three countries' shares of sales were lower than in the first quarter of 2021.

The company's output volume rose by 2% on the year to 21,794 mt in the first three months of 2022. The volume of extruded products inched down 0.3% to 14,423 mt, while rolled products output rose 6.7% to 7,551 mtt.

Alcomet produces household, technical and container foils, sheets and strips, as well as standard and customized profiles.

(1 euro = 1.95583 levs)

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