Norsk Hydro Q1 Net Profit Fell Sharply at 80% on Year

Norsk Hydro ASA reported an 80% fall in net profit for the first quarter of 2008 due to drop in aluminium price and negative effect from currency policies. Hydro said net profit in the quarter declined to NOK 1.10 billion ($219.6 million) from the NOK5.49 billion in the previous year, excluding Hydro's old oil and gas portfolio. The company said they are expecting a price improvement in LME price. Hydro sold its oil and gas operations to Den Norske Stats Oljeselskap a.s. in January last year. COPYRIGHT All rights reserved. The copying, republication or redistribution of WAM News Content, including by framing or similar means, is expressly prohibited without the prior written consent of WAM.