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Sharp fall for Norsk Hydro

Tuesday, 23 October 2012
Norwegian aluminium producer, Norsk Hydro said Tuesday in its reports how lower prices weighed heavily on its third-quarter earnings, as it posted a wider-than-expected net loss.

Hydro's underlying earnings before financial items and tax fell to Nkr 8 million in the third quarter from Nkr 549 million in the previous quarter.

Low realized alumina and aluminium prices weighed heavily on underlying results for Hydro's upstream operations for the quarter while cost improvement programs proceeded with full force to meet the challenging market situation, the company said in the report.

Underlying the low EBIT Nkr 8 million are
•    Sharp decline in alumina and aluminium prices
•    Record-high bauxite production
•    Reduced downstream sales volume, partly offset by lower operating cost
•    Lower power prices and production in Energy

See details here

By Scancomark.com Team

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