Norsk Hydro Q1 Profit Rises, But Revenues Decline - Quick Facts

(RTTNews) - Norsk Hydro AS (NHY, NHYDY.PK, NHYDY.PK) reported first-quarter net income of 2.38 billion Norwegian kroner or 1.12 Kroner per share, up from 1.07 billion kroner or 0.46 Kroner per share in the prior-year quarter.

The latest quarter's results include a reduction in tax expense and related interest income of 700 Kroner million in total following settlement of a tax case in April 2016 and a net foreign exchange gain of 1.03 billion Kroner.

However, underlying EBIT for the quarter declined 53 percent to 1.50 billion Kroner from 3.21 billion Kroner last year. Underlying earnings per share was 0.39 Kroner, compared to 0.95 Kroner a year ago.

The decline mainly reflected lower realized aluminium and alumina prices, partly offset by positive currency effects, lower raw material costs and seasonally stronger downstream results.

Revenue for the quarter decreased 14 percent year-over-year to 20.14 billion Norwegian kroner from 23.29 billion Kroner.