Norsk HydroASA's net income in the second quarter remained stable year overyear with only a 1% increase to 2.08 billion Norwegian kroner, or 95 øre pershare.
However, the net income dropped 13% on a , according to the July21 statement.
The quarter's net income included a net foreign exchangegain of 904 million kroner due to the improving strength of the Brazilian realagainst the U.S. dollar, as well as the strengthening Norwegian kroner againstthe euro.
In the first half this year, Norsk's net income jumped to4.46 billion kroner, or 2.08 kroner per share, from 3.14 billion kroner, or1.40 kroner per share, in the year-ago half, despite the revenue falling to40.53 billion kroner, from 45.73 billion kroner a year ago.
The company's revenue totaled 20.39 billion kroner in thequarter, dropping 9% from on a yearly basis, and gaining 1% from the lastquarter.
The quarter's reported earnings before financial items andtax, or EBIT, totaled 1.98 billion kroner in the second quarter, which includednet unrealized derivative gains of 32 million kroner and positive metal effectsof 17 million kroner. EBIT, compared to the second quarter of 2015, fell 27%;but gained 17% from the first quarter.
The reported earnings also included a gain of 342 millionkroner for the sale of certainassets in Grenland, Norway, a net gain of 49 million kroner inSapa, a charge of 67 million kroner for environmental commitments in KurriKurri, and a negative adjustment of 13 million kroner for the of the Slim rolling mill inthe fourth quarter of 2015.
Underlying EBITDA in the three months dropped 26% comparedto the year-ago quarter and improved 5% over the prior quarter to 2.86 billionkroner.
Norsk's achieved increased production in the second quarteracross all commodities. On a yearly basis, bauxite production increased 17% to2.6 million tonnes, alumina production improved 8% to 1.6 million tonnes, andprimary aluminum output was up 2% to 518,000 tonnes.
Production in the first quarter totaled 2.7 million tonnesfor bauxite, 1.5 million tonnes for alumina, and 514,000 tonnes for primaryaluminum.