Bulgaria’s Alcomet turns to H1 non-cons net loss

Sofia: Bulgarian aluminium products manufacturer Alcomet [BUL:ALCM] said on Monday that it turned to a standalone net loss of 3.35 million levs ($1.86 million/1.71 million euro) in the first half of this year from a net profit of 3.71 million levs in the comparable period of 2023.

The company’s total operating revenue grew to 264.9 million levs in January-June from 251.9 million levs in the prior-year period, Alcomet said in an interim financial statement.

The volume of goods sold increased by 27% year-on-year to 38,480 million tonnes (mt) due to a 60% surge in sales of rolled products to 25,744 mt. Goods produced also marked an annual rise in the first half, of about 41% to 38,873 mt.

At the same time, the company’s expenses widened to 268.3 million levs in the six months through June from 247.8 million levs a year earlier, as costs for materials added 20% to 204.2 million levs.

Germany remained Alcomet’s biggest market in the review period with an 18.3% share of all sales, followed by the U.S. with 16.7% and Italy with 15%.

Shumen-based Alcomet makes household, technical and container foils, sheets and strips, as well as standard and customised profiles.

As of 1548 CEST on Monday, shares in Alcomet traded 3.03% higher at 6.80 levs on the Bulgarian Stock Exchange.