Norsk Hydro: results up on higher aluminium prices.
(CercleFinance.com) - On Tuesday Norsk Hydro, one of the world's largest aluminium producers, reported higher second-quarter results as silver metal prices rose.
The Norwegian company reported a jump in second-quarter underlying operating profit (EBIT) to 2.93 billion Norwegian kroner from 1.62 in the year-ago period.
The group's revenue increased by 21% to 24.59 billion Norwegian kroner.
"Higher aluminium prices in the quarter are lifting results," said president and CEO Svein Richard Brandtzaeg, adding that the company's Sapa unit delivered "record" results.
Citing a global primary aluminium deficit, particularly outside China, Hydro is maintaining its 4-6 per cent annual aluminium demand growth outlook for 2017.
While Norsk Hydro shares are currently down around 3 per cent at 51 Norwegian kroner, they gained almost 27 per cent year-to-date.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The Norwegian company reported a jump in second-quarter underlying operating profit (EBIT) to 2.93 billion Norwegian kroner from 1.62 in the year-ago period.
The group's revenue increased by 21% to 24.59 billion Norwegian kroner.
"Higher aluminium prices in the quarter are lifting results," said president and CEO Svein Richard Brandtzaeg, adding that the company's Sapa unit delivered "record" results.
Citing a global primary aluminium deficit, particularly outside China, Hydro is maintaining its 4-6 per cent annual aluminium demand growth outlook for 2017.
While Norsk Hydro shares are currently down around 3 per cent at 51 Norwegian kroner, they gained almost 27 per cent year-to-date.
Copyright (c) 2017 CercleFinance.com. All rights reserved.