Continued good results for Hydro in the third quarter

Norsk Hydro’s operating revenues and income for the third quarter continue at the high level from earlier this year. Sustained high oil prices are a significant explanatory factor, though the results do reflect definitive improvements in underlying operations, particularly in the Agri sector. Net income after tax for the quarter stands at NOK 3.9 billion, equivalent to earnings per share of NOK 14.90, compared to NOK 0.6 billion (NOK 2.40 per share) in the third quarter of 1999. The results include gains on divestments amounting to roughly NOK 6.10 per share, and when an adjustment is made for this the underlying result is roughly NOK 8.80 per share. Operating income was NOK 7.5 billion, compared to NOK 2.1 billion in the same quarter last year.

Net income after tax for the year’s three first quarters stands at NOK 9.1 billion, an improvement on the NOK 2.6 billion recorded for the same period last year, while operating income for the three quarters increased from NOK 5 billion in 1999 to NOK 21.2 billion this year. Operating revenues after the first three quarters are NOK 106 billion, a 40 percent increase on the corresponding period in 1999. Cash flow from operations for the year’s first three quarters stands at NOK 22.6 billion, compared to 10.5 billion last year.

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