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Norsk Hydro Posts NOK 7.28 Bln In Q4 Profit On Lyse Gain

Norwegian aluminium and renewable energy company Norsk Hydro ASA (NHY,NHYDY.PK,NHYDY.PK) Friday reported a net profit for the fourth quarter, mainly due to a gain on the Lyse transaction, with 1 percent rise in revenues. The Group said its Board proposed a dividend of NOK 1.25 per share for 2020.

The group's net profit for the quarter totaled 7.28 billion Norwegian kroner from last year's net loss of 665 million kroner, and earnings per share amounted to 3.43 kroner versus loss per share of 0.23 krone last year. The Group said its result reflect 5.308 billion Kroner gain on the Lyse transaction and net foreign exchange gain of 1.479 billion Kroner.

Hydro's EBIT for the quarter was 6.770 billion kroner, versus a negative 399 million kroner last year.

On an underlying basis, net income totaled 834 million kroner compared to net loss of 303 million kroner, and EBIT was 1.449 billion kroner, up from 560 million kroner last year. The Group said improved margins and volumes downstream and lower raw material costs upstream contributed positively to the result, in addition to positive currency effects.

For the fourth quarter, Hydro's revenue edged up 1 percent to 35.89 billion kroner.

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