Alum goes into the black

Alumina manufacturer Alum Tulcea, owned by Alro Slatina, logged a net profit worth over 1 million euros (3.8 million RON) in the first quarter, as compared with losses worth 4.8 million euros in the similar period of last year. Alum”s business rose by 80% to 38.6 million euros (137.6 million RON). Alum sales in the first quarter account for half of the total sales for 2005, which stood at 76.2 million euros. The company closed last year with losses worth over 33 million euros. The increase in the turnover was due to the increase in raw materials deliveries to Alro Slatina. Alro took over Alum”s majority stake last year, having in the meanwhile gotten a 92% stake. Alro will bring 90 million euros to Alum by means of a capital increase approved in April. The money obtained by means of this capital increase will be used to conduct investments in retooling and investments contracted through programmes for environmental protection. ZF