Norwegian aluminum supplier and energy producer Norsk Hydro ASA Wednesday announced a profit for the fourth quarter on the back of higher aluminum and power production and higher prices which offset losses relating to production ramp-up at the Qatalum plant.
Net income for the quarter was 658 million Norwegian kroner, reversing from the 587 million Norwegian kroner loss in 2009. Underlying net income, which excludes special items such as derivative losses, was 376 million Norwegian kroner this year, while the underlying loss last year was 791 million Norwegian kroner.
The underlying loss at the Qatalum plant, which is a joint venture between Qatar Petroleum and Norsk Hydro, reduced 22 percent year-over-year. The plant is expected to be fully operational by June 2011, one year later than originally expected owing to delayed steam turbine commissioning.
On a per-share basis, earnings were 0.39 Norwegian kroner, with underlying earnings of 0.21 Norwegian kroner.
Quarterly revenues of 19.41 billion Norwegian kroner were 18 percent higher than the prior year quarter's 16.43 billion. Realized aluminum prices increased 19 percent on a Norwegian kroner basis while production went up 2 percent globally. Power production also rose 17 percent, and spot prices were also significantly higher this quarter.
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