LONDON, Aug 26, 2011 (Dow Jones Commodities News via Comtex) -- Netherlands-based Vimetco NV (VICO.LN) Friday reported a 6% year-on-year rise in aluminum production in the first half of 2011 and said it continues to monitor the market despite improving demand.
The company produced 454,000 metric tons of primary aluminum in the first six months of the year, from 429,000 tons in the same period the previous year. This helped boost revenues by 26% to $1.38 billion from $1.1 billion a year-earlier. Net profit leapt to $51 million from $15 million in the first six months of 2010.
The company, which has an annual aluminum production capacity across its assets of 1.1 million tons, also reported a 32% year-on-year increase in processed aluminum production, from 62,000 tons to 81,600 tons.
"Vimetco will continue its strategy of vertical integration and the focus on high-added value products, while pursuing its reorganization scheme in order to make the group leaner and more efficient," it said. "Although international demand is demonstrating signs of improvement, the group will continue to carefully monitor the market take the most appropriate decisions in line with the overall development," it added.
Vimetco, which joined other aluminum producers in slashing budgets, reducing capacity and delaying projects during the economic downturn, restarted its investment program in 2009 as market prices and demand improved. The company--the seventh-largest aluminum producer in the world--is focusing on high value-added products as it grows its business.