Norsk Hydro Turns To Profit In Q2 - Quick Facts

Norwegian energy and aluminum company Norsk Hydro ASA (NHY,NHYDY.PK,NHYDY.PK) reported that its second-quarter net income attributable to shareholders was 2.59 billion Norwegian Kroner or 1.26 Kroner per share compared to a loss of 1.25 billion Kroner or 0.61 Kroner per share in the same quarter last year.

The latest-quarter result included a net foreign exchange gain of 550 million Kroner and a 1.65 billion Kroner unrealized loss on LME-related contracts.

Adjusted EBITDA was 6.60 billion Kroner, up from 2.79 billion Kroner in the prior year.

Total revenue and income for the quarter grew to 35.34 billion Kroner from 26.08 billion Kroner last year.

The company said its target to deliver return on capital above 10% over the cycle is progressing well and its improvement program is running ahead of plan.

In addition, the company said it is actively positioning its products in the market, lifting its capacity to meet the increasing demand for low-carbon products in line with its 2025 strategy to improve profitability and sustainability.

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