Primary aluminium maker Alro Slatina saw its profits plunge by nearly 75% during the first quarter as a result of increased costs for raw materials and sales that remained at the same level as last year. Alroa??s first-quarter profits fell to 133.8bn ROL (3.6 million euros) from 533.5bn ROL (13.2 million euros) during the same period last year. First-quarter sales grew by 9% in euros compared with the first quarter of 2004, although they remained unchanged in ROL. Sales for the period came to 3,426.8bn ROL (9.26 million euros). Alro concluded a contract for electrical power for the second and third quarters. By paying in advance, it managed to obtain a good price, company officials say. Alro took out a loan worth 50 million euros to cover the cost of the advance payment for its power needs, which account for a significant share of the production of primary aluminium. Alro Slatina is controlled by Marco Industries and Conef, which own almost 80%. The person behind the two companies is Russian oligarch Vitaly Matshytsky. Market sources say the Russian businessman is also the majority shareholder in alumina maker Alum Tulcea, which was taken over last year through Pioche Consultants Limited, a company registered in a tax haven. ZF

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