Results for 2nd Quarter 2000
Moelvens best half year result.
Acquisition of Forestia AS is completed and the coordination has produced its first results.
High level of building activity in Sweden and increased deliveries for rehabilitation more than compensate for somewhat lower level of new-build activity in Norway.
On 29 May the Monopolies and Mergers Commission approved Moelvens takeover of the timber industry business within Forestia AS. This was the last formal obstacle before
the takeover could be implemented as agreed. Forestia AS is therefore included in Moelvens accounts with effect from 17 January. This implies that the accounts for the first quarter have been corrected.
Operating revenues and result
The operating revenues in the first half-year were NOK 2408.7 million against NOK 1751.7 million for the same period last year. The increased turnover is related to the timber industry and the laminated timber companies and is mainly due to the takeover of Forestia AS. The operating profit was NOK 88.0 million (38.3). If the Forestia AS business were included for 1999, the profit for the same period last year would have been NOK 42 million.
For report with tables please follow the enclosed link:
<br>Moelv, 15 August 2000 <br>Board of Directors, Moelven Industrier ASA <br>