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Amended: Norsk Hydro Posts Wider Loss In Q2, Revenue Down

(RTTNews) – Amended: Recast the second sentence in the first para.

Norwegian aluminium and renewable energy company Norsk Hydro ASA (NHY, NHYDY.PK, NHYDY.PK) Wednesday reported a wider loss for the second quarter, as revenues slid by 21 percent year-on-year. During the period, underlying results were impacted by Covid-19 induced weak markets, weighing on prices and volumes.

For the quarter, the Group’s net loss widened to 1.47 billion Norwegian kroner from last year’s net loss of 190 million Kroner. Loss per share increased to 0.61 krone from 0.04 krone last year.

On an underlying basis, net income slid to 183 million kroner from 281 million kroner, and earnings per share slipped to 0.10 krone from 0.19 krone last year. On the same basis, Hydro’s EBIT for the period was 949 million kroner, compared to 875 million kroner for the same quarter last year.

The Group’s revenue for the second quarter declined by 21 percent to 30.9 billion kroner.

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