Norsk Hydro sees higher cost of cyber attack as second quarter lags

OSLO (Reuters) – Norsk Hydro, one of the 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 ( £81 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

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