Growth and improved performance by Moelven in September-December period
Performance in the period from September to December picked up however, with profits in large parts of Moelvens operations reaching the same levels as in the last four months of 1997.
Consolidated operating income for September-December 1998 was NOK 1,138 million (NOK 850 million for the same period in 1997). Operating income from the Groups new Swedish subsidiaries accounted for NOK 230 million of this total increase of NOK 288 million. Operating income from the Interior Layout and Construction & Contracting divisions amounted to NOK 45 million.
Operating profit for the period was NOK 27 million (NOK 44 million) and net profit after interest payments was NOK 20 million (comperative figure NOK 36 million). Ordinary depreciation for the Group as a whole totalled NOK 36 million, NOK 10 million higher than the 1997 figure.
The Timber Industry division recorded an operating profit of NOK 12 million (NOK 20 million) for the period. Operating losses by the subsidiaries acquired in 1998 amounted to NOK 7 million, compared with NOK 12 million in the May-August period. The Interior Layout division ended the year in a strong position, with an operating profit of NOK 22 million for the period (on a par with last year), whereas the Construction & Contracting division made an operating profit of NOK 6 million (NOK 8 million). The Laminated Timber divisions operating profit for the period was NOK 4 million.
For full report with tables, follow the enclosed link.
Moelv, 27 January 1999 <br>The Board of Directors of Moelven Industrier ASA