OSLO: Norsk Hydro, one of the world's largest aluminium producers, posted operating earnings significantly above forecasts on Wednesday, thanks to higher metals prices and the strong US dollar, leading it to permanently raise its dividend.
In the fourth quarter the firm reported a six-fold jump in underlying operating profit to 2.89 billion Norwegian crowns ($381.21 million) from 471 million in the year-ago period, beating forecasts for 2.29 billion crowns in a Reuters poll of analysts..
The company plans to pay a 1 crown dividend per share for 2014, up from 0.75 crowns in 2013 and raised its dividend policy to a 40 percent payout ratio during a business cycle from previously 30 percent.
The firm confirmed its outlook for primary aluminium demand growth of 3-4 percent in the world excluding China in 2015.
Comments
Comments are closed.