Tornator's net sales during the first half of the year were lower than expected, despite the picking up of timber deliveries in the spring. The Group’s net sales were only Euro 42 million, or nearly 10% short of those in the same period a year before, but operating profit remained unchanged. Operating profit was Euro 31.2 million, as the company said in the press release received by Lesprom Network.
Net profit was Euro 15.1 million without fair value changes and Euro 36.6 million with fair value changes. The difference was mainly due to an increase in market interest rates.
CEO Sixten Sunabacka said: “We had excellent success in implementing our growth strategy by closing a deal with UPM in the spring to purchase some 23,000 hectares of forestland, and we were also otherwise active in forestland purchasing. At the same time, we secured our cash flows by signing new long-term wood supply agreements in Finland and Estonia. In addition, we signed an agreement for many years on the delivery of forest services in Finland.”
Tornator is a leading company specialised in sustainable forest management in Europe. It owns forests in Finland,
Estonia and Romania.