Norsk Hydro: profits jump but stock down
(CercleFinance.com) - On Tuesday Norsk Hydro announced Q1 results that were up sharply, which it said is mainly thanks to the surge in aluminium prices over the period.
The Norwegian group's adjusted Ebitda rose to 11.2 billion Norwegian kronor in Q1, more than double the 5.2 billion Norwegian kronor in Q1 2021.
In its statement, Hydro said that it benefited from tougher market conditions and strong raw material prices, which enabled it to deliver "record" performance in its aluminium, energy and extrusion businesses.
For the record, over the past quarter the price of aluminium has jumped from 2,808 dollars per tonne at the start of the year to 3,491 dollars at 31 March.
However, at around 12.15pm, Norsk Hydro shares were down 3.7% on the Oslo Stock Exchange, while the benchmark index was down only 0.2%. Nevertheless the stock has risen by over 38% over the last 12 months, supported by the increase in global demand for aluminium.
Copyright (c) 2022 CercleFinance.com. All rights reserved.
The Norwegian group's adjusted Ebitda rose to 11.2 billion Norwegian kronor in Q1, more than double the 5.2 billion Norwegian kronor in Q1 2021.
In its statement, Hydro said that it benefited from tougher market conditions and strong raw material prices, which enabled it to deliver "record" performance in its aluminium, energy and extrusion businesses.
For the record, over the past quarter the price of aluminium has jumped from 2,808 dollars per tonne at the start of the year to 3,491 dollars at 31 March.
However, at around 12.15pm, Norsk Hydro shares were down 3.7% on the Oslo Stock Exchange, while the benchmark index was down only 0.2%. Nevertheless the stock has risen by over 38% over the last 12 months, supported by the increase in global demand for aluminium.
Copyright (c) 2022 CercleFinance.com. All rights reserved.