Vimetco, the producer of primary and processed aluminium products, has announced interim financial results for the six months ended 30 June 2011 showing sales for the period were USD 1,382 million (H1 2010: USD 1,100 million), up 25%.
The increase was mainly determined by higher aluminium prices, improved demand and the increase in output for high added value products.
Cost of goods sold increased by more than 25% to USD 1,171 million from USD 932 million during H1 2010. This was mainly due to higher output both for primary and for processed aluminium, accompanied by an increase of costs for raw materials.
Operating profit increased by almost 70% to USD 171 million from USD 101 million in H1 2010. General and administrative expenses increased by 13% to USD 62 million, while net profit reached USD 51 million (H1 2010: USD 15 million).
Net cash generated by operating activities decreased to USD 11 million from USD 72 million during H1 2010. Net cash used in investing activities was USD 281 million (H1 2010: USD 157 million), mainly as a result of higher CAPEX expenses.
Net cash generated from financing activities was USD 357 million (H1 2010: USD 65 million). On 30 June 2011, cash and cash equivalents were USD 285 million (H1 2010: USD 133 million).
Gheorghe Dobra, Acting Chief Executive Officer commented: "Our strong performance during the fist six months of 2011 is based mainly on the important advance in the high added-value sales. This advance reconfirms our efforts of focusing on becoming more competitive in the high-end quality products.
"It also fits seamlessly into the overall strategy of vertical integration. We achieved a 32% increase in the production of processed aluminium and a 16% increase in sales and we believe this trend will continue over the second half of 2011."
"Our EBITDA has improved by 50% compared to the same period last year, which translates into a sharp increase in net profit of 240%."
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