Alro, the largest aluminum producer in continental Europe (excluding Russia and Scandinavia), reported a net profit of RON 67 million (EUR 14.9 million) in 2016, compared to losses of RON 24 million (EUR 5.4 million) in 2015, according a statement issued by the group yesterday.

The company’s turnover saw a slight decrease, reaching RON 2.1 billion (EUR 467 million) in 2016 compared to RON 2.3 billion (EUR 517 million) the previous year.

The company managed to record profit despite an unstable macroeconomic environment and low international aluminum prices, said Marian Nastase, Alro board president. The completion of European Commission’s investigation on the contracts between Alro and the power producer Hidroelectrica helped stabilize the company.

The large energy consumers in Romania, including Alro, were also exempted from paying 85% of the number of green certificates they previously had to buy to support the renewable energy sector. This also helped Alro record profit.

editor@romania-insider.com