VIDA doubles annual profits to SEK 225.7 million ($35.7 million) in 2010

Mar 04, 2011. /Lesprom Network/. Swedish sawmiller VIDA doubled its annual operating profits to SEK 225.7 million ($35.7 million) in 2010, compared to SEK 112.1 million ($17.7 million) in 2009, as TTJ reported. The timber division recorded operating profits of SEK 229 million ($36.2 million) and production reached 1.087 million cubic metres. VIDA said all its plants showed positive results, though performance in the fourth quarter was significantly worse than the previous three. “The continued weak new construction market in Europe and North America, the unrest in North Africa, combined with a strong Swedish krona and historically high prices in southern Sweden mean profitability is estimated to be worse in 2011 than in 2010,” VIDA said. However, VIDA said it was well-prepared and had a good procurement and distribution network which would further strengthen its position as a leading player in the forestry industry. Group turnover rose to SEK 3.8 billion ($601 million), compared to SEK 3.6 billion in 2009 ($569 million). VIDA AB is Sweden's largest privately owned sawmill company. Production is primarily focused on structural timber for a large assortment of different markets. Around 85% of production is exported to Europe, the USA and Asia.