Norsk Hydro Slips To Loss In Q2, Revenues Down - Quick Facts

(RTTNews) - Norwegian aluminium and renewable energy company Norsk Hydro (NHY, NHYDY.PK, NHYDY.PK) reported Tuesday that its second-quarter net loss was 190 million Norwegian Kroner, compared to profit of 2.07 billion kroner a year ago.

Loss per share was 0.04 krone, compared to profit of 1.03 kroner last year.

The latest results mainly reflected lower realized aluminium and alumina prices and effects from the cyber-attack, partly offset by positive currency effects.

The company noted that the overall financial impact of the cyber-attack is estimated at 250 million kroner to 300 million kroner in the second quarter 2019, of which 150 million kroner to 200 million kroner relates to Extruded Solutions.

At the end of the second quarter, operations have largely returned to normal.

Underlying net income was 281 million kroner, compared to 2.10 billion kroner last year. Underlying earnings per share were 0.19 krone, compared to 1.02 kroner a year ago.

Hydro's reported EBIT amounted to 656 million kroner, down from last year's 2.99 billion kroner. Underlying EBIT fell 68 percent to 875 million kroner.

EBITDA dropped 44 percent and underlying EBITDA declined 36 percent.

Revenue for the quarter declined 5 percent to 39.18 billion kroner from 41.25 billion kroner a year ago.

Looking ahead, the company said 2019 global primary aluminium market expected in deficit, demand growth expectations for 2019 reduced to 1-2 percent.