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)

To discuss issues facing the chemical industry go to ICIS connect

By: Aaron Rodrigues
+65 6780 4359

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly