Mubasher: Aluminum Bahrain (Alba) reported an 88.6% decline in net profits of the first quarter as compared to the same quarter in 2015, according to a recent statement.
Alba’s earnings decreased to BHD 4.23 million ($.21 million) in Q1-16, from BHD 37.17 million ($98.54 million) in Q1-15.
Net profits included extraordinary non-recurring items standing at BHD 54,263 ($143,941) in Q1-16 as compared to BHD 396,981 in Q1-15, the company clarified in the statement.
Sales shrank 24.3% to reach BHD 156.45 million ($415.01 million) in Q1, from BHD 206.56 million ($547.93 million) in Q1-15. Thus, Alba’s gross profits dropped 71.21% to reach BHD 13.27 million ($35.2 million) in Q1-16, from BHD 46.09 million ($122.26 million).
