world's largest aluminium producers, said a cyber attack it
sustained in March would cost it more than expected in the
second quarter as it reported quarterly earnings that slightly
lagged forecasts on Tuesday.
The cyber attack is now expected to cost 250-300 million
crowns in the second quarter, compared with an earlier view that
it would cost some 200-250 million crowns in that period.
Norsk Hydro is yet to receive payments from its cyber attack
insurance and did not say when it would recognise them. "This
will be recorded when deemed virtually certain," it said in a
statement.
The firm's underlying earning before interest and tax (EBIT)
fell to 875 million crowns ($101.23 million) during the second
quarter, below the expected 893 million crowns, according to a
Refinitiv poll by ten analysts, and down from 2.7 billion crowns
at the same time a year ago.
The company has been struggling with multiple challenges
over the past year apart from the cyber attack, including a
partial shutdown of its Alunorte plant in Brazil and the ongoing
trade war between China and the United States.
The company's stock is down by roughly a third over the past
year, lagging an Oslo benchmark index down by 1.5% over
the same period.
($1 = 8.6440 Norwegian crowns)
(Reporting by Gwladys Fouche; editing by Uttaresh.V)
gwladys.fouche.reuters.com@reuters.net; Twitter handle:
@gfouche))
Gloss