Sweden's wood products company Setra reports an operating profit of SEK 76 million ($9 million) for the first half of 2016. Net sales totalled SEK 2,188 million. Operating profit for the 2Q amounted to SEK 67 million ($7.9 million) and net sales reached SEK 1,160 million, as the company said in the press release received by Lesprom Network.
“The market for wood products continued to develop in a positive direction during the second quarter. We can see a significantly better balance in the market, particularly for whitewood products. We report an operating profit for the second quarter of SEK 67 million ($7.9 million) which is a strong result in the current market situation,” says Hannele Arvonen, President and CEO of Setra.
“We do not expect a marked strengthening of the market in the months ahead. The effects of the UK’s decision to leave the EU are difficult to assess. The UK is one of our largest export markets and in the short term this creates unease and uncertainty,” says Arvonen.
Cash flow from operating activities in the first half of 2016 amounted to SEK 3 million ($354,467). The Group’s financial position is strong. The net debt/equity ratio at the end of the period was 18%.
Setra is one of Sweden’s largest wood products companies.
