OSLO (dpa-AFX) - Norwegian energy and aluminum company Norsk Hydro ASA (NHY, NHYDY.PK, NHYDY.PK) reported that its third quarter net income attributable to shareholders was 1.01 billion Norwegian Kroner or 0.49 Kroner per share compared to a net loss of 222 million Kroner or 0.11 Kroner per share in the same quarter last year.
Quarterly adjusted EBITDA was 7.22 billion Kroner, compared with 3.10 billion Kroner in the prior year. Higher all-in metal and alumina prices, in addition to improved upstream volumes contributed positively to adjusted EBITDA, partly offset by higher raw material costs.
Total revenue and income for the quarter rose to 37.57 billion Kroner from 28.16 billion Kroner last year.
Hydro said it has set out a clear strategic direction toward 2025 and aims to strengthen its position in low-carbon aluminium, while exploring growth opportunities in new energy.
Electrification of the transport sector is a driver for aluminium demand. By 2035 it is expected that more than 50 percent of vehicles sold will be electric, and battery electric vehicles have around 40 percent more aluminium than a typical combustion vehicle, the company said.
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