Norsk Hydro ASA (NHYDY.PK, NHYKF.PK), a Norwegian aluminium and renewable energy firm, reported Wednesday that its first-quarter net income amounted to 428 million Norwegian Kroner, down 63 percent from 1.14 billion kroner last year.
Earnings per share fell 24 percent to 0.47 krone from 0.62 krone a year earlier.
Adjusted net income was 1.50 billion kroner or 0.93 krone per share, compared to prior year's 3.33 billion kroner or 1.70 krone per share.
Hydro's adjusted EBIT dropped 45 percent from last year to 2.97 billion kroner, and adjusted EBITDA fell 28 percent to 5.41 billion kroner.
Lower aluminium sales prices, Extrusions volumes and recycling margins, and higher fixed costs negatively impacted results, partly offset by lower raw material costs.
Revenue for the quarter was 47.55 billion kroner, down 2 percent from 48.53 billion kroner a year ago.
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