MercoPress. South Atlantic News Agency

Aluminum producer Aluar profits 54% up thanks to devaluation of Argentine peso

Aluar “sales grew as a result of the rise in the exchange rate, the international rise in the price of aluminum and to the number of shipments.”

The aluminum producer Aluar will distribute dividends among its shareholders for $ 2,884 billion (79.71 million US dollars) as a result of an increase in semiannual profits of 54.5%, the company reported to Argentina's stock exchange regulator Comisión Nacional de Valores (CNV), which was due mainly to the peso devaluation.

According to a company statement, the distribution of dividends will take place on November 28 as decided upon at the shareholders' meeting held on Nov. 16.

The company obtained a gain of $ 4,107.10 billion in the semester closing June 30, which represented a 54.5% increase compared to the first half of 2017.

Aluar's statement signed by the secretary of the Board, Alberto Martínez Costa, also 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.”

Aluar also filed with the CNV its affidavit that “as of today, the company does not have debts owed to the National Provident Savings Banks.”