OSLO (dpa-AFX) - Norwegian aluminum producer Norsk Hydro ASA (NHYDY.PK, NHYKF.PK, NHY.L) reported Wednesday a sharp decline in first-quarter profit, while underlying profit surged from last year, despite lower revenues. Higher alumina, aluminium and power prices, increased sales volumes and improved margins contributed to underlying results, the company said.
In its first quarter, the company's net income was 263 million Norwegian kroner, down 54 percent from last year's 575 million kroner. Earnings per share declined 43 percent to 0.14 krone from 0.24 krone a year ago.
Income from continuing operations amounted to 254 million kroner including a net foreign exchange loss of 115 million kroner. In the previous quarter, income was 334 million kroner including a net foreign exchange loss of 102 million kroner.
Underlying net income surged to 648 million kroner or 0.30 krone per share from prior year's 233 million kroner or 0.12 krone per share.
Revenues for the quarter, meanwhile, declined 5 percent to 16.11 billion kroner from 17.04 billion kroner a year ago.
President and CEO Svein Richard Brandtzæg said, 'We continue to see positive effects of our ambitious improvement efforts across the company, further strengthening our industry position. Overall, we experience increased macro uncertainty. We expect a balanced primary aluminium market in 2013, based on expected demand growth outside China of 2-4 percent, announced curtailments and new production coming on stream.'
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