The Canadian company, Alcan, which owns the Aughinish Alumina plant in Co Limerick, has reported an increase in net income from $107 million (£76.9 million) to $128 million for the first quarter, ending March 31st.

After a special charge of $11 million net income was $117 million compared to $143 million for the first quarter of 1997.

Commenting, Mr Jacques Bougie, president and chief executive, said in the fabricated products sector there was further improvements, most notable in Europe.

Despite this he added that currently weak metal prices had started to flow through to certain fabricated products.