Positive operating result for Setra
Setra reports an operating profit of SEK 29 million (40) for the second quarter of 2012. Operating profit for the first half of the year was SEK 2 million (-8). Net sales for the period April-June amounted to SEK 1,172 million (1,324) and SEK 2,237 million (2,426) for the period January-June.
“In view of the current strained market conditions for the Swedish sawmill industry, it is highly gratifying to be able to report a positive operating result,” says Börje Bengtsson, President and CEO of Setra. “Operating profit for the second quarter amounted to SEK 29 million.
“Above all, it is our markets in North Africa and the Middle East which continue to develop well,” Bengtsson continues. “Sales in Europe are tentative with a continued very weak construction market. Sales in the Swedish building materials trade were satisfactory despite a wet and cold early summer.
“Despite a hesitant rise in market prices we see no signs of an economic turnaround. Demand in the construction markets remains weak and we therefore expect a continued tough period for players in the international wood products market,” says Bengtsson.
|Key figures, SEKm||April-June||January-June|
|Profit/loss after tax||13||21||-16||-22|
SOME IMPORTANT EVENTS IN THE FIRST HALF OF 2012:
- Johan Padel, previously Managing Director of Moelven Timber, has been appointed as the new President and CEO. He will take up his position on 1 August when he will succeed Börje Bengtsson who is retiring in the autumn.
- A decision was made to start negotiations under the Swedish Co-determination Act (MBL) relating to closure of the Horndal sawmill in Avesta municipality. A weak earnings development due to a falling market for the unit’s special product range is the reason for this decision.
- In order to adapt production to a falling market for glulam in Europe, the Långshyttan glulam factory will changeover from 3 to 2 shifts starting on 1 September.
Setra is one of Sweden’s largest wood products companies and a leading player in Europe. We offer eco-certified wood products for interiors and construction to customers in the building materials trade and industry.
The Group has 1,000 employees and annual sales of approximately SEK 4.5 billion. Exports to Europe, North
Africa, the Middle East and Japan account for almost 60% of sales. Read more at www.setragroup.com
Press contact : Lotta Löwhagen Lundberg, email@example.com, +46 70 654 13 44
For further information, please contact:
Börje Bengtsson, President & CEO, telephone +46 8 705 03 10, mobile +46 708 28 49 87
Stefan Lundin, CFO, telephone +46 8 705 03 01, mobile +46 702 22 65 07