OSLO (dpa-AFX) - Norsk Hydro ASA (NHYDY.PK, NHYKF.PK), a Norwegian aluminium and renewable energy firm, reported Wednesday significantly higher profit in its second quarter, benefited by one-time gains and higher revenues.
In the second quarter, net income amounted to 5.97 billion Norwegian kroner, compared to last year's 2.45 billion kroner. Earnings per share climbed to 2.90 kroner from 1.04 kroner a year ago.
The latest quarter results included unrealized derivative gains, mainly on LME related contracts of 3.09 billion kroner.
Adjusted net income was 4.60 billion kroner, compared to 3.58 billion kroner last year. Adjusted earnings per share were 2.21 kroner, compared to 1.68 kroner a year earlier.
Hydro's adjusted EBITDA for the quarter was 8.92 billion kroner, up 15 percent from 7.79 billion kroner last year. mainly due to higher all-in metal prices, improved Extrusions volumes and strong recycling margins in the second quarter of the year.
Revenue grew 6 percent to 56.49 billion kroner from 53.12 billion kroner in the prior year.
The company noted that higher aluminium prices and product premiums contributed positively, together with improved earnings in the recycling business.
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