Alumil 3Q 2011 results

Margins were slightly lower yoy due to the higher price of aluminum on an annual base, but were better than we expected. The results were negatively impacted by provisions worth RON 1.2 mn for doubtful receivables, but we higher yoy and above our estimates.

Following the third quarter results the company confirmed the annual sales target of RON 70 mn (+4 yoy) and said it expects a slightly higher net profit than the budgeted figure of RON 3.6 mn. Thus, we consider the results as positive and expect a positive market reaction.