In the first quarter, Norsk Hydro converted negative numbers into billions of dollars in profits. The reason is especially that the price of aluminum has risen.
The case is being updated.
According to the data in the first quarter, Norsk Hydro’s after-tax profit in the first quarter was 1.44 billion Norwegian kroner, or the bottom line. A message.
In the same quarter a year ago, Norsk Hydro’s after-tax profit was negative NOK 1.81 billion.
Among other things, the company reported higher prices. The hydropower company received an average of US$1,993 per ton of aluminum this quarter, which was 13% higher than the aluminum received by the company in the same period last year.
Hydro also pre-sold 65% of its aluminum production in the second quarter at an estimated price of US$2,110 per ton.
The company reported that after a period of rising electricity prices and increased profits and sales of extrusion products, profits in the energy sector have increased.
Rising raw material costs in the bauxite and alumina business areas, adverse exchange rate effects and increased maintenance-related costs have reduced the above-mentioned figures.
The total turnover in the first quarter was NOK 32.45 billion.
The after-tax profit in the first quarter is expected to be 2.14 billion Norwegian kroner. The turnover is expected to be NOK 33.1 billion.
Hydro CEO Hilde Merete Aasheim said-I am very pleased to see that most of our business areas are increasing in revenue and returns due to increased profit margins and sales, and continued low costs (especially in terms of extrusion) the result of.
The company’s total adjusted operating profit (based on EBITDA) for the first quarter was NOK 5.18 billion.
According to data from Hydro, the corresponding figure for the same period last year was NOK 3.81 billion.
Previously, the company had listed basic EBIT as its key indicator, but from now on, it will declare basic EBIT.