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Norsk Hydro posts 2.38B Norwegian kroner net income in Q1 on tax, forex gains

Norsk HydroASA posted net income of 2.38 billion Norwegian kroner for thefirst quarter of 2016, a more than 100% jump from the year-ago net income of1.07 billion kroner, according to an April 27 earnings release.

EPS amounted to 1.12 kroner per share in the quarter,compared to 46 øre per share a year ago.

The net income included a reduction in tax expense andrelated interest income of 700 million kroner following of a tax case in April, aswell as a net foreign exchange gain of 1.03 billion kroner.

Revenue for the quarter dropped 14% year over year to 20.14billion kroner, while underlying EBITDA dropped 39% to 2.72 billion kroner.

Norsk Hydro's underlying EBIT declined 53%, on a yearlybasis, to 1.50 billion kroner in the first quarter as the over 100% gain in theunderlying EBIT for metal markets, and other and eliminations segments was notable to completely offset the drop in bauxite and alumina, primary metal, androlled products segments.

Production in the quarter increased 26% to 2.7 milliontonnes for bauxite, 5% to 1.5 million tonnes for alumina, and 4% to 514,000tonnes for primary aluminum, on a yearly basis.

However, the realized aluminum price dropped 10% year overyear to 12,950 kroner per tonne.

As of April 26, US$1was equivalent to 8.15 Norwegian kroner.