Producer Norsk Hydro's underlying earnings before interest and taxes (Ebit) was Nkr 559 million ($64.3 million) in the first quarter of 2019, down from Nkr 3.147 billion in the same quarter last year.
The company said the decline of over 80% mainly reflected lower realized aluminium prices, higher raw material costs and the effects of the production curtailment at its Alunorte alumina refinery. Underlying Ebit for bauxite and alumina decreased significantly from the first quarter of last year, to Nkr 153 million in the first quarter 2019 from Nkr 741 million in the first quarter of 2018 - a decline of 79%. "The results were driven by the effects of reduced production...