Emirates Global Aluminium posts higher first-half core profit on sustained demand
DUBAI, Aug 29 (Reuters) -Emirates Global Aluminium (EGA) on Thursdayreported a 1.2% rise in adjusted core profit for the first-half of the year on sustained global demand for premium aluminium.
EGA, one of the world's largest aluminium producers, posted adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of4.20 billion dirhams ($1.14 billion) for the six months to June, up from 4.15 billion dirhams a year earlier.
Global average prices of aluminium rose 1.6% year-on-year in the first half to $2,401 a metric ton on the London Metal Exchange CMAL0-3, hitting a near two-year high in May on speculative fund inflow, hopes of long-term demand for the metal in the green energy sectors, Chinese stimulus, and tightness in raw material supply.
($1 = 3.6724 UAE dirham)
Reporting by Federico Maccioni; Editing by Sonia Cheema
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