OSLO (dpa-AFX) - Norwegian aluminium and renewable energy company Norsk Hydro (NHY, NHYDY.PK, NHYDY.PK) reported that its net income attributable to shareholders for the first-quarter plunged to 9 million Norwegian Kroner or break even per share from 2.09 billion Kroner or 1.02 Kroner per share in the previous year.
Net loss for the quarter was 124 million Kroner compared to net income of 2.08 billion Kroner in the prior year.
Underlying earnings before financial items and tax dropped to 559 million Kroner from last year's 3.15 billion Kroner, mainly reflecting a decrease in realized aluminium prices, increased raw material costs, effects from the cyber attack and the effects of the production curtailment at Alunorte partly offset by positive currency effects.
Total revenue and income for the quarter declined to 37.77 billion Kroner from 40.35 billion Kroner last year.
Hydro said its 'Better' improvement program will not reach its original 2019 target, due to the production embargo at Alunorte and subsequent production curtailments at Alunorte's bauxite source Paragominas and Hydro's part owned subsidiary Albras aluminium plant.
Copyright RTT News/dpa-AFX
© 2019 AFX News
