Norsk Hydro first-quarter core profit plunges after cyber attack

[InfoSec News <alerts () infosecnews org>]

https://www.reuters.com/article/us-norsk-hydro-results/norsk-hydro-first-quarter-core-profit-plunges-after-cyber-attack-idUSKCN1T60GC

Reuters
June 5, 2019

OSLO (Reuters) - Aluminum producer Norsk Hydro, the victim of a cyber 
attack in March that paralyzed its IT systems, posted an 82% drop in 
first-quarter core profit on Wednesday and said a rise in global 
uncertainty could impact its markets.

The Norwegian company’s underlying operating result fell to 559 million 
Norwegian crowns ($64.3 million) from 3.15 billion crowns a year ago, 
while analysts in a Reuters poll on average had expected a profit of 123 
million crowns.

The earnings report, originally scheduled for release on April 30, had 
been postponed by five weeks as Hydro struggled to restore systems for 
reporting, billing and invoicing after hackers penetrated its servers.

Newly appointed Chief Executive Officer Hilde Merete Aasheim recently 
announced initiatives to boost profitability and a review of one of the 
company’s units following 15 months of production outages.

[...]

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