Minews - Aluminium Bahrain Q1 net profit more than doubles

(Minews) - Aluminium Bahrain (Alba), owner of one of the world's largest aluminium smelters, reported a 117 percent rise in first-quarter net profit on Thursday.

The company's net income for the first three months of 2015 was 37.2 million dinars ($98.7 million), up from 17.1 million dinars in the same period a year ago, the firm said in a bourse filing.

SICO Bahrain forecast Alba would make a quarterly profit of 25 million dinars.

The firm said first quarter sales rose 13 percent year-on-year to 206.6 million dinars.

Alba is close to selecting the financial adviser for its $2.5 billion Line 6 expansion project, having whittled down its choice to two banks, its chief financial officer told Reuters on April 9.

The scheme will make Alba the largest single-site aluminium smelter in the world by boosting per-annum production to around 1.3 million metric tonnes.