The Norwegian aluminium and renewable energy firm Norsk Hydro said on Wednesday that its first quarter income dropped by 63% to NOK 428 billion ($39.2 billion) from NOK 1.14 billion last year.
Earnings per share fell 24% to NOK 0.47 from NOK 0.62 a year earlier.
Adjusted net income was NOK 1.50 billion or NOK 0.93 per share, compared to prior year's NOK 3.33 billion or NOK 1.70 per share. Hydro's adjusted Earnings Before Interest, Taxes (EBIT) dropped 45% from last year to NOK 2.97 billion, and adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) fell 28% to NOK 5.41 billion.
Lower aluminium sales prices, extrusions volumes and recycling margins, and higher fixed costs negatively impacted results, partly offset by lower raw material costs. Revenue for the quarter was NOK 47.55 billion, down 2% from NOK 48.53 billion a year ago
