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Markets News

Norsk Hydro Q2 profit beats forecasts on lower costs, Alunorte ramp-up

OSLO, July 22 (Reuters) - Norwegian metals maker Norsk Hydro posted a surprise rise in second-quarter earnings on Wednesday, helped by ramp-up of its Alunorte plant in Brazil and reduced costs.

Hydro’s underlying earnings before interest and tax rose to 949 million Norwegian crowns ($104.32 million) in the April-June period, from 875 million a year earlier, exceeding the 594 million crowns expected by analysts in a poll.

Despite continued market uncertainty due to the COVID-19 pandemic, some countries, especially China, were showing sings of recovery towards the end of the second quarter, the company added in a statement. ($1 = 9.0974 Norwegian crowns) (Reporting by Nerijus Adomaitis; Editing by Muralikumar Anantharaman)

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