Commodities

Norsk Hydro 3Q earnings rises unexpectedly on market recovery, insurance

Credit: REUTERS/TERJE SOLSVIK

Norwegian aluminium maker Norsk Hydro posted a surprise rise in third-quarter operating profits on Friday and said its markets were recovering from the fall in demand seen in the second quarter.

OSLO, Oct 23 (Reuters) - Norwegian aluminium maker Norsk Hydro NHY.OL posted a surprise rise in third-quarter operating profits on Friday and said its markets were recovering from the fall in demand seen in the second quarter.

Underlying earnings before interest and tax (EBIT) rose to 1.41 billion Norwegian crowns ($152 million) in the July to September period, from 1.37 billion crowns a year earlier, beating the 278 million crowns expected in a poll of analysts.

The quarterly result was also positively impacted by an insurance payment of 192 million crowns this year following a 2019 cyberattack as well as a 64 million crowns government grant, Hydro said.

($1 = 9.2730 Norwegian crowns)

(Reporting by Terje Solsvik; Editing by Christian Schmollinger)

((victoria.klesty@thomsonreuters.com; +47 2331 6592; Reuters Messaging: victoria.klesty.thomsonreuters.com@reuters.net))

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