Aluminum producer Aluar reports 54% gain in profits for H1 2018 on rising exchange rate

The aluminium producer Aluar, the only aluminium smelter in Argentina and one of the largest in South America has reported 54.5% increase in profits in its half yearly results. Based on the results, It announced peso 2,884 billion (79.71 million US dollars) dividends among its shareholders.

The results reported to Argentina's stock exchange regulator Comisión Nacional de Valores (CNV), which was primarily driven by the Argentine peso devaluation. According to a company statement, the distribution of dividends will take place on November 28 as decided upon at the shareholders' meeting. Argentina's peso has fallen 52% against the dollar this year 

The company reported a gain of peso 4,107.10 billion in profits for the six months closing June 30, which registered an increase of 54.5% compared to the first half of 2017.

Aluar's result statement indicated that “sales grew as a result of the rise in the exchange rate, the international rise in the price of aluminum and, to a lesser extent, the number of shipments registered.”

The report was signed by the secretary of the Board, Alberto Martínez Costa. Aluar also filed an affidavit at the CNV that the company does not have debts owed to the National Provident Savings Banks on the date of filing the affidavit.