Moelven Group's operating result for the 3Q 2016 dropped by 17.4% to NOK 66 million ($8 million), compared to NOK 80 million ($9.8 million) for the corresponding period in 2015. So far this year Moelven has earned NOK 271 million ($33 million) on operations. The cumulative operating result has thus increased by 23.5% compared to 2015.

木制面板

Moelven's 3Q operating result decreased by 17.4% to NOK 66 million ($8 million)

Moelven Group's operating result for the 3Q 2016 dropped by 17.4% to NOK 66 million ($8 million), compared to NOK 80 million ($9.8 million) for the corresponding period in 2015, as the company said in the press release received by Lesprom Network.

CEO Morten Kristiansen of Moelven Industrier ASA says that the decline in operating result for the year's 3Q is primarily due to reduced earnings in the interiors and module operations.

“It is particularly the interiors business Moelven Modus that is experiencing a tough market in Norway. This is specially noticeable in western and south-west Norway, which have been hit hard by dramatic cutbacks in the petroleum sector. There are indications in the market that the bottom may have been reached,” Kristiansen says.

On the other hand, interiors operations in Sweden are doing very well.

So far this year Moelven has earned NOK 271 million ($33 million) on operations. The cumulative operating result has thus increased by 23.5% compared to 2015.

“We are performing better cumulatively than the previous year. This is due to a combination of good conditions in most of our markets and good operating conditions at most of Moelven's units. We're clearly seeing the results of the long-term rationalization work we are carrying out in our operations,” Kristiansen says.

Operating revenue in the 3Q increased by 4.2% to NOK 2,359 million (NOK 2,263 million in the corresponding period last year). Year-to-date operating revenues have increased by 9.5% to NOK 7,894 million (7,207 million).

“The quarter has been characterized by satisfactory demand for products from the group's timber processing operations and a good level of activity in the Building Systems division that comprises the glulam, building module and interior businesses,” Kristiansen says.

The Moelven Group supplies wood-based building products and related services to the construction industry.