Norway's Norsk Hydro posts 76% drop in Q2 EBIT

22 July 2008 08:57  [Source: ICIS news]

MUMBAI (ICIS news)--Norway’s Norsk Hydro has posted a 76.41% year-on-year fall in its second-quarter earnings before interest and tax (EBIT) to Norwegian kroner (NKr) 708m ($139m/€88m) due to a weak US dollar and increasing costs, the firm said on Tuesday.

"Hydro experienced a drop in its second-quarter results due to the rising input costs affecting the entire industry," the company's CEO Eivind Reiten added.

The firm’s revenue for the period ended 30 June fell by a marginal 4.2% to NKr24bn, however its income from continuing operations dropped 65% to NKr902m, the firm said.

Looking ahead, the firm expected increasing energy and raw material prices to affect its product prices.

($1 = €0.63/$1 = NKr5.07)

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