Norsk Hydro core profit rises slightly more than expected
Adds details in paragraphs 4-8
By Jesus Calero
Oct 24 (Reuters) -Norwegian aluminium producer Norsk Hydro NHY.OL reported a slightly bigger-than-expected rise in its third-quarter core profit on Thursday, helped by higher aluminium and alumina prices, lower raw material costs and positive currency effects.
Norsk's adjusted earnings before interest, taxes, depreciation and amortisation jumped to 7.37 billion Norwegian crowns ($672.12 million) in the July-September period from 3.9 billion crowns a year earlier.
Analysts on average had expected it to report a core profit of 7.26 billion crowns, according to a company-compiled consensus.
"The positive development in our upstream revenue drivers continued in the third quarter... countering the overall effects of the challenging downstream market," CEO Eivind Kallevik said in a statement.
Aluminium producers like Hydro are well positioned for growth fuelled by rising demand for low-carbon products and elevated prices, while Chinese alumina prices remain high due to bauxite sourcing challenges.
Norsk's core profit soared despite lower extrusions volumes, especially in North America and Europe due to weak demand in automotive and construction sectors.
Its European aluminium volumes have fallen this year due to a decline in electric vehicle (EV) production, stemming from Germany's unexpected termination of EV subsidies earlier this year and the looming EU tariffs on Chinese imports.
The Platts Alumina Index (PAX) gradually increased to $562 per tonne by the quarter-end as global alumina supply tightened.
($1 = 10.9653 Norwegian crowns)
Reporting by Jesus Calero; Editing by Subhranshu Sahu
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