OSLO (dpa-AFX) - Norsk Hydro ASA (NHYDY.PK, NHYKF.PK), a Norwegian aluminium and renewable energy firm, reported Friday that it turned around to a profit in its fourth quarter, compared to prior year's loss, with strong growth in revenues. The company also proposes a dividend.
For the fourth quarter, net income amounted to 1.78 billion kroner, compared to prior year's loss of 2.77 billion kroner.
Earnings per share were 0.96 krone, compared to loss of 1.26 kroner a year ago.
Adjusted net income was 2.60 billion kroner or 1.11 kroner per share, compared to 754 million kroner or 0.50 krone per share a year ago.
Hydro's adjusted EBITDA for the fourth quarter was 7.70 billion kroner, higher than 3.74 billion kroner in the same quarter last year. The results reflected higher alumina and all-in aluminium prices, and positive currency effects.
Revenue for the quarter climbed 18 percent to 55.06 billion kroner from 46.75 billion kroner last year.
Further, the Board of Directors proposes to distribute a dividend of 2.25 kroner per share.
The final shareholder distribution for 2024 is subject to approval by the Annual General Meeting on May 9.
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