Norwegian aluminium and renewable energy company, Norsk Hydro ASA, announced that its net income for the first quarter was 428 million Norwegian Kroner, representing a 63 percent decrease from 1.14 billion Kroner noted in the previous year.
The company's earning per share also dropped by 24 percent to 0.47 Kroner in comparison with 0.62 Kroner observed a year before.
The adjusted net income for the firm was recorded at 1.50 billion Kroner or 0.93 Kroner per share. It demonstrated a stark contrast to the previous year's record of 3.33 billion Kroner or 1.70 Kroner per share.
A considerable 45 percent decline to 2.97 billion Kroner was also seen in Norsk Hydro's adjusted EBIT, while the adjusted EBITDA fell by 28 percent to 5.41 billion Kroner.
The company attributed these results to a combination of factors. Lower aluminium sales prices, decreased Extrusions volumes and recycling margins, coupled with increased fixed costs, all contributed to the negative impact on the results. This hit was, however, partly counteracted by the decrease in raw material costs.
Finally, the revenue for the quarter was reported to be 47.55 billion Kroner, showing a 2 percent drop from 48.53 billion Kroner recorded a year prior.
