Romania's Alro 9-mo cons net loss deepens to 79.3 mln euro

The loss deepened due to lower aluminium quotations on the London Metal Exchange, slowing demand at the European level and higher utilities costs at the local level, Alro said in a press release.

Alro's consolidated turnover dropped 21% year-on-year to 2.24 billion lei in the January-September period of 2023.

"“However, the investments we made in diversifying our products portfolio and client base paid off and we were able to partially offset these set-backs thanks to higher quantitative sales in Q3 2023. Going forward, we are committed to our plan to secure de electricity supply and to further invest in state-of-the-art technology aimed at lowering consumptions and increasing products’ quality and products’ range," said Marian Nastase, chairman of the board of directors at Alro.

Revenue from the primary aluminium production segment fell to 661 million lei in the review period from 711 million lei the year before, while revenue from alumina sales shrank to 13.2 million lei from 39.3 million lei. Processed aluminium sales amounted to 1.55 billion lei in the first nine months of 2023 versus 2 billion lei a year earlier.

Last month, Alro announced the signing of a new contract with France-based aerospace company Airbus for the supply of aluminium flat rolled products for aircraft manufacturing.

As at 1129 CET on Monday, Alro shares traded 0.32% lower at 1.565 lei on the Buchares Stock Exchange.

(1 euro = 4.97 lei)