Norsk Hydro logs another solid quarter

Industrial concern Norsk Hydro reported a hefty jump in first quarter profits on Monday, aided by high oil and gas prices. The good results sent Hydro's share price up 3 percent. After-tax earnings amounted to NOK 3.23 billion, up NOK 784 million from the first quarter of last year. The jump is attributed largely to high prices for Hydro's oil and gas out of the North Sea. The company's agricultural division, however, also logged a solid performance, with operating profits doubling to NOK 919 million. Longtime Hydro boss Egil Myklebust will step down next week. He will be succeeded by Eivind Reiten.