Norsk Hydro: Brazilian plant boosts earnings
(CercleFinance.com) - Norway's Norsk Hydro has said that its quarterly earnings rose, boosted by the ramp-up of production at a plant in Brazil, the world's largest alumina refinery.
Hydro's second-quarter underlying EBIT came in at 949 million Norwegian kronor, up 8% from the 875 million Norwegian kronor in the second quarter of 2019.
The industrial group - which used to be Norway's biggest company in terms of market capitalisation - said the ramp-up of Alunorte's production at record low costs made a positive contribution to the results.
These positive items more than offset the impact of the Covid-19 pandemic, which resulted in weak markets that weighed on prices and volumes, it added.
However, quarterly revenue fell by 21% to 30.9 billion Norwegian kronor, Hydro said, while noting that the Covid-19 situation is still causing "significant market uncertainty."
The shares were down slightly after this report.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
Hydro's second-quarter underlying EBIT came in at 949 million Norwegian kronor, up 8% from the 875 million Norwegian kronor in the second quarter of 2019.
The industrial group - which used to be Norway's biggest company in terms of market capitalisation - said the ramp-up of Alunorte's production at record low costs made a positive contribution to the results.
These positive items more than offset the impact of the Covid-19 pandemic, which resulted in weak markets that weighed on prices and volumes, it added.
However, quarterly revenue fell by 21% to 30.9 billion Norwegian kronor, Hydro said, while noting that the Covid-19 situation is still causing "significant market uncertainty."
The shares were down slightly after this report.
Copyright (c) 2020 CercleFinance.com. All rights reserved.