Operating profits for Norwegian oil-to-metals industrial group Norsk Hydro ASA`s aluminium producing unit rose from NK842 billion (US$1 = NK6.68) over the June quarter compared to NK1.66 billion for the same period last year, but was still well short of analysts` forecasts of NK2.27 billion.
"The improved result primarily reflected continued high aluminium prices," said the company in an earnings statement. Prices of the metal, which is extracted from bauxite to produce alumina rose by 39% compared to the same period in 2005.
Earlier this year Hydro separated its upstream and downstream operations into aluminium metal and aluminium production and expects a shift towards surplus in 2007 with global consumption and production of alumina expected to grow by 5% and 6% respectively. (October 25)
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