Moelven's operating profit in the 2Q 2016 increased to NOK 175 million ($21 million) compared with NOK 48 million ($5.7 million) for the same period in 2015. It is the group's best quarterly result since 2007, as the company says in the press release received by Lesprom Network.
At the same time Moelven's accumulated operating profit for the first half of the year increased to NOK 205 million ($24.6 million), (NOK 70 million ($8.4 million) for the same period the year before). It is an improvement in operating profit in the 2Q and the first six months the year of NOK 127 million ($15.2 million) and NOK 135 million ($16.2 million) compared with the same periods in 2015.
Morten Kristiansen, CEO of Moelven Industrier ASA, said: “The figures show a strong improvement in operating profit compared with the same periods last year. We actually need to return to pre-crisis levels - that is prior to 2007 - in order to see better results. I am very pleased and would like to thank all employees for their efforts.”
Revenue in the quarter also increased significantly compared with the same periods last year. Operating revenues in the 2Q increased by 11.5% to NOK 2,930 million. Operating revenues for the first half of the year increased by 11.9% to NOK 5,535 million.
“For June we could for the first time in Moelven's history record operating revenue for one month of around NOK 1 billion ($119.8 million), and we now have an annual sales rate of over NOK 10 billion ($1.2 billion). This is mainly due to increased volumes,” says Kristiansen.