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Norway - Moelven earns NOK 258 million in the first half-year - 'international demand for sawn timber good'
Moelven improved its operating result for the first-half year by NOK 53 million compared with the corresponding period last year. Its operating profit for the first-half year was NOK 258 million (NOK 205 million).
Moelven earned NOK 156 million from operations in the second quarter of the year. Operating profit for the second quarter was down by barely NOK 20 million on the corresponding period last year.

The chief executive of Moelven Industrier ASA, Morten Kristiansen, called the result acceptable despite the small drop in the second quarter. "Demand for the group's products and services was very good. The reduction in the quarter's result compared with the second quarter of 2016 was down to displacements in activity levels between the first and second quarters due to Easter falling in the second quarter and the high season for construction products starting a bit later because of adverse weather conditions," says Kristiansen.

Good international demand
Activities increased to expected levels from the middle of the second quarter. Kristiansen also says that, in general, the international demand for sawn timber was good. "However, the rate of deliveries to North Africa and Asia was down slightly due to problems related to maritime transport and public regulations. Together with the improvement in underlying operations, the currency situation helped to maintain competitiveness."

Positive trend
"The price trend for both sawn timber and processed products was positive compared with the second quarter of 2016," says Kristiansen. For the Building Systems division, demand and activity levels remained high throughout the quarter, both for the Norwegian and the Swedish operations.

Continued positive and stable growth is expected in the market for sawn timber internationally, and demand in Norway and Sweden for processed products is expected to be on a par with previous years. The positive trends in the glulam, system interiors and module segments are expected to continue. Demand for smart, cost-effective and climate-efficient timber construction solutions is growing in the construction markets.

"Overall, operating revenues and operating profit are expected to rise slightly in 2017. The programme for operational improvements and structuring the group in line with the long-term strategy plan continues unabated and will contribute to continued improved profitability for underlying operations," says Morten Kristiansen.

Source:Moelven .

Aug 2017


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