Norwegian aluminum producer Norsk Hydro ASA reported a narrower loss in its second quarter, while underlying profit rose from last year, despite lower revenues.
In its second quarter, the company's net loss was 665 million Norwegian kroner, narrower than last year's loss of 1.737 billion kroner. Loss per share reduced to 0.31 krone from 0.80 krone a year ago.
Underlying net income rose to 427 million kroner or 0.19 krone per share from prior year's 243 million kroner or 0.11 krone per share.
Revenues for the quarter declined 5 percent to 16.05 billion kroner from 16.83 billion kroner a year ago.
"Although the global macroeconomic situation remains challenging, aluminium demand is expected to continue to show solid growth this year. Hydro maintains its outlook for a balanced aluminium supply and demand in 2013," Hydro's President and CEO Svein Richard Brandtzg said.
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