Norsk Hydro: profit rises as markets pick up
(CercleFinance.com) - Norwegian industrial group Norsk Hydro reported a 3% increase in third-quarter profit on Friday, as activity returned to normal levels on the bauxite, metal, and recycling markets.
Hydro's underlying EBIT for the past quarter rose to 1.41 billion Norwegian kronor, from 1.36 billion Norwegian kronor in the same quarter last year.
The aluminium producer said its extruded solutions unit experienced a "faster-than-expected recovery," especially in Europe, also benefitting from an insurance payment relating to a cyber-attack in 2019.
Lower raw material costs, improved fixed expenses and positive FX factors also boosted the company's profits, it said.
Last but not least, Hydro's debt decreased to 9.9 billion Norwegian kronor at the end of the quarter, from 13.2 billion Norwegian kronor, which has led the shares to jump by more than 6% on the Oslo Stock Exchange on Friday.
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