Metals News
UPDATE 1-Mytilineos's Profit Surges on Aluminium, METKA
industry news
09:31AM
Mar 23,2011
Source:SMM

ATHENS, March 22 (Reuters) - Mytilineos (MYTr.AT: Quote), operator of the Balkan region's biggest aluminium smelter, said its profit soared last year, helped by the global commodities boom and its power station construction affiliate METKA (MTKr.AT: Quote).

Net income advanced to 60.9 million euros ($86.72 million) from 13.7 million euros the previous year, slightly above the average forecast of 57.4 million euros given by analysts in a Reuters poll.

Sales were up 51 percent at 1 billion euros, helped by higher aluminium prices, and the company also benefited from the strong performance of METKA, which saw sales rising 81 percent to 613.7 million euros.

"(METKA's) large signed (order) backlog, which currently stands at 2.2 billion euros, creates the conditions for further growth in the coming years," Mytilineos said in a statement.

International prices for aluminium CMAL3 rose an average 30 percent in 2010, the company said, adding that it continued realising gains from its risk-hedging policy. ($1=.7022 euros)
 

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