Norsk Hydro ASA (NHYDY.PK: News ) Thursday released financial results for the fourth quarter and full year 2011, reporting underlying net income of NOK 876 million, or underlying earnings per share of NOK 0.42, higher than underlying net income of NOK 376 million, or earnings per share of NOK 0.21, reported for the corresponding quarter last year.
The company reported a net loss of NOK 749 million for the fourth quarter compared to a net income of NOK 658 million reported last year.
Revenue for the fourth quarter increased 12% to NOK 21.75 billion from NOK 19.41 billion reported a year ago.
Underlying EBIT for the fourth quarter increased 93% to NOK 1.13 Billion from NOK 588 million reported for the same period last year.
Sequentially, underlying EBIT declined 31% from NOK 1.64 billion reported for the third quarter of 2011.
The company stated that lower aluminium prices, seasonal decline in demand and weaker markets weighed down underlying results for the quarter.
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