Stronger than expected from Norwegian Hydro – Aftenbladet.no

The company helped to pull up the Oslo Stock Exchange in early hours of Tuesday, with a stock value rose by 3.4 percent at the stock exchange start.

The company’s underlying earnings before financial items and tax fell to 2.667 million in the second quarter. This is a decline from the first quarter, when profit was 3.208 million, but it is an increase from the same quarter last year, when the figure totaled 544 million dollars.

It was expected in advance an underlying operating profit 2344 million, according to SME Direkt for TDN Finans, reports E24.

Profit before tax amounted to 2,955 million in the second quarter, mainly reflecting lower aluminum prices and premiums, according to the company.

Higher sales volumes have led to the best results ever in downstream operations since 2007, when the Norwegian Hydro was a pure aluminum company.

– We are experiencing lower rates than in the previous quarter, but what is gratifying is that demand of aluminum moving the right way. We have record results in our downstream area and we sell more aluminum for automotive, says CEO Svein Richard Brandtzæg NTB, who presented the figures Tuesday morning. (© NTB) (© NTB)