23 April 1999
Norsk Hydro hopes to boost profits

NORWEGIAN chemical giant Norsk Hydro plans to improve operating profit by Nkr1 billion (£80m) this year, despite a halving of operating profits in the first quarter.

The company, which last year saw its fertilisers operation suffer from low prices, aims to realise NKr1bn mainly through cost reductions in its oil and gas and agriculture businesses.

Norsk Hydro reported first-quarter net profit down 30% to NKr709m, on slightly lower sales of NKr24.16bn.

Lower prices reduced profits in its aluminium metal products and exploration and production businesses, and wiped out its agricultural profits.