Wood products company Setra is reporting an operating profit of SEK 159 million ($19.6 million) for 2017. This figure includes non-recurring items of SEK -20 million ($2.5 million). Net sales totalled SEK 4,139 million ($511 million), as the company said in the press release received by Lesprom Network.
“We’re reporting an operating profit, adjusted for non-recurring items, of SEK 179 million ($22 million) for 2017, which is an improvement of SEK 64 million ($7.9 million) on the previous year. Due to good market conditions, we have been able to increase both selling prices and sales and production volumes for comparable units. Going forward we see continued good demand from our customers and a positive development for the wood products market, both in Sweden and internationally,” says Hannele Arvonen, President and CEO of Setra.
Disruptions in the freight market during the year had a negative impact on earnings. The situation stabilised during the second half of the year. The import restrictions imposed last spring by Algeria, an important export market for Setra, have been partially lifted and it has been possible to resume deliveries. These factors, combined with a continued strong market situation, have contributed to the improved performance for the fourth quarter. Operating profit, adjusted for non-recurring items, for the 4Q totalled SEK 72 million ($8.9 million).
Setra is one of Sweden’s largest wood products companies.
