Strong Swedish krona explains negative quarterly result
The wood products company Setra reports net sales of SEK 945 (1,065) million for the first quarter of 2013. Operating loss for the period January-March amounted to SEK 26 (27) million.
“The operating loss for the period January-March is almost at the same level as in the first quarter last year. When comparing the two quarters, however, it is worth noting that the exchange rate development with a considerably strengthened krona had a negative impact on the operating result of over SEK 20 million,” says Stefan Lundin, Acting CEO, and CFO of Setra. “The small price increases we noted in several of our key export markets during the period were eaten up by what for us was the negative exchange rate development.”
“The winter months are a weak period for the wood products industry for seasonal reasons. So it is therefore gratifying that despite a cold spring our sales to the Swedish building materials trade developed satisfactorily and that we continue to strengthen our market position,” says Lundin.
“We have a good balance between production and sales and our stocks of finished goods is at an unchanged low level. Despite a fall in sawlog prices during the past year, there is still an imbalance in the relationship between raw material prices and selling prices for sawn timber,” says Lundin.
KEY FIGURES, SEKm January - March
Net sales 945 1,065
Operating profit/loss -26 -27
Profit/loss after tax -28 -29
For further information, please contact:
Stefan Lundin, Acting CEO, and CFO, telephone +46 8 705 03 01, mobile +46 702 22 65 07
Setra does not publish a complete quarterly report.
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 approximately 1,000 employees and annual sales of SEK 4 billion. Exports to Europe, North Africa, the Middle East and Japan account for almost 60% of sales.
Press contact: Lotta Löwhagen Lundberg, email@example.com, +46 706 54 13 44