Hydro shares leap on return to profit
Richard Orange - [email protected] •
23 Oct, 2013
Updated Wed 23 Oct 2013 09:38 CEST
Shares in Norwegian aluminium producer Norsk Hydro leapt more than five percent on Wednesday morning, after it swung back into a profit by slashing its costs and generating more hydroelectric power.
The company posted a net profit of 222 million kroner ($37.5m) for the three months from June to September, up from a net loss of 227 million in the same period in 2012. "This is a great achievement for Hydro and our organization," said Hydro's president and chief executive, Svein Richard Brandtzæg. "I am pleased to report that we are on track to deliver the $300 per metre cost improvements for our fully-owned smelters by the end of 2013."
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The company posted a net profit of 222 million kroner ($37.5m) for the three months from June to September, up from a net loss of 227 million in the same period in 2012.
"This is a great achievement for Hydro and our organization," said Hydro's president and chief executive, Svein Richard Brandtzæg. "I am pleased to report that we are on track to deliver the $300 per metre cost improvements for our fully-owned smelters by the end of 2013."
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