The Norwegian group has been hit by aluminium losses and lower oil prices...
Norsk Hydro, Norway's second largest public company, has said fourth-quarter profits have dropped by 78 percent on losses at its aluminum unit and a drop in oil prices.
Net income fell to 1.1 billion kroner ($122.6 million), from 4.9 billion in the year-ago period. Pretax profit fell to 2.8 billion kroner from 9.5 billion, the change however was in line with analyst expectations.
Norsk Hydro, which produces metals, oil and fertilizers, last month agreed to buy German utility E.ON AG's aluminum unit for $2.8 billion to lower costs and more than double total output. It also aims to sell assets worth 10 billion kroner by the end of 2003 and has closed down its unprofitable magnesium plant.
?This year will be one of rest profit wise, just like 2001, as they'll spend time on integration and restructuring,? said Lars Marius Furu, an analyst at Handelsbanken Investment Banking.
Author:
Neftegaz.ru
