Sep 25, 2009. /Lesprom Network/. German-based wood fibre insulation and I-joist manufacturer Steico AG has achieved a turnaround in its profitability. The group, which recorded its first ever loss in 2008, said profit before interest and tax was Euro 3.3 million in the first half of 2009 on a turnover of Euro 50.3 million, TTJ reported. It said restructuring had set it on a successful path, with expansion of international sales leading to a return of profitability. Its full year forecast is for sales of Euro 103 million and profits of Euro 5-7 million. Last year’s poor results were affected by a difficult market combined with an increase in amortisation and depreciation due to a high level of capital expenditure in the past few years.