Hydro updates expected earnings implications of Qatalum power outage
(Thomson Reuters ONE) -
Norsk Hydro ASA's share of underlying earnings in Qatalum for the third quarter
2010 is expected to be a loss of about NOK 225 million including the effects of
lost production and sales, but excluding write-offs of certain fixed assets of
about NOK 115 million charged to the third quarter results.
For the fourth quarter 2010 Hydro's share of underlying earnings is expected to
be a loss of about NOK 400 million. In total, the estimated underlying loss for
the second half 2010 is about NOK 625 million compared to a loss of about NOK
285 million in the first half.
Following a shutdown due to an extended power outage on August 10, the Qatalum
plant in Qatar restarted aluminium production on September 15. Qatalum is
expected to reach full capacity by the end of the first quarter 2011.
Qatalum's insurance coverage related to the incident is considered robust. The
insurance is expected to cover a majority of the loss related to fixed assets
and business interruption, and Qatalum is in a constructive dialogue with its
insurers to determine the exact coverage. Following the conclusion of these
discussions the first payment on account from the insurers is expected to be
requested during the fourth quarter 2010.
Qatalum is a 50-50 joint venture between Qatar Petroleum and Hydro. When
complete, it will be one of the most modern, energy-efficient and
environmentally high-performing aluminium plant in the world, with an annual
production capacity of 585,000 tonnes of aluminium.
Investor contact
Contact: Stefan Solberg
Cellular: +47 91727528
E-mail: Stefan.Solberg(at)hydro.com
Contact Stian Hasle
Cellular +47 97736022
E-mail Stian.Hasle(at)hydro.com
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1451167]
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originality of the information contained therein.
Source: Norsk Hydro via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 12.10.2010 - 13:13 Uhr
Sprache: Deutsch
News-ID 45115
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Town:
Oslo
Kategorie:
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