* Underlying EBIT 688 mln crowns vs 294 mln market view
* Says expects aluminium demand to grow 12 pct in 2010
* Says global aluminium stocks high, indicating overcapacity
* Qatalum plant ramping up, full production seen in Q4
OSLO, April 27 (Reuters) - Norwegian aluminium group Norsk Hydro's (NHY.OL: Quote, Profile, Research) first-quarter results swung to a bigger than expected underlying operating profit and said demand in its main markets would grow by 12 percent this year.
Hydro posted an underlying first-quarter operating profit of 688 million crowns ($116.8 million), exceeding an average forecast for 294 million in a Reuters poll of 13 analysts and following a 493 million loss in the year-ago period.
"We have seen rising aluminium prices and a partial demand recovery from previous weak quarters, supported by restocking. But global aluminium stocks remain high, indicating continued production overcapacity,” Chief Executive Officer Svein Richard Brandtzaeg said in a statement.
"Overall, we expect demand in our main upstream and downstream markets to grow around 12 percent in 2010.”
Hydro said its main expansion project, Qatalum, was ramping up production with 20 percent of the cells in operation at the end of the first quarter and full output expected to be hit in the fourth quarter of 2010. (Reporting by Oslo newsroom; Editing by Mike Nesbit) ($1=5.891 Norwegian crowns)
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