Higher revenues for Moelven in the third quarter
(Thomson Reuters ONE) -
Moelven had a profit of NOK 114 million on operations in the third quarter. The
figure is approximately NOK 20 million more than in the same quarter last year.
The company's operating revenues totalled NOK 1,886 million (1,521) in the third
quarter. Operating revenues and profit for the first three quarters of the year
totalled NOK 5,299 million (4,749) and NOK 278 mill (29), respectively.
Solid demand
The third quarter has, as usual, been a period of seasonally solid demand for
the Group's products and services. Demand has been good for sawn wood produced
both by the sawmills in the Timber division, and by the combined sawmill and
planing units in the Wood division.
President and CEO Hans Rindal is pleased.
- We've had a good quarter at Moelven. Demand for many of our products has been
solid both in Norway and in Sweden. The companies in the Building Systems
division, which depend largely on different sized construction projects in
Scandinavia, receive a large part of their deliveries late in the project cycle,
and are therefore often the last companies in the Group to benefit from a
growing demand. But also this division is now registering increased activity in
many areas, reports Mr. Rindal.
Cost-adjusting measures have been implemented
The President and CEO explains further that the result is perhaps even better
than the current market conditions would justify. The reason for the higher
result, Mr. Rindal explains, is that the cost-cutting measures implemented in
2008 and 2009 have made Moelven more competitive.
- The positive results also provide a basis on which we can increase the
investment pace again, and we are now back at a normal investment level. In
addition we have invested in the acquisition of three new businesses in the
second quarter - Granvin Bruk AS, Sør-Tre Bruk AS and Eco Timber AS. These
investments should provide us with the broader market position we have desired,
says Mr. Rindal.
Future outlook
Due to normal seasonal variations in construction activity, Moelven expects a
normal slowing down of business activity in the fourth quarter. This coincides
with the increased production of industrial timber in the Nordic market a
development that is expected to give lower prices in several markets. All of
these factors combined with an increase in sawlog prices in 2010 should lead to
significantly lower margins for the industrial goods division, Timber, in the
fourth quarter and the start of 2011.
The building products division, Wood, experience less market fluctuations, and
normal seasonal changes in demand can be expected to be the primary factor
influencing earnings figures in the fourth quarter.
The project-related division, Building Systems, has registered increasing market
activity, primarily in the Swedish market. The start-up of new projects and the
time it takes through to completion means that the division can expect an
increased order backlog this winter, even though there is some uncertainty
associated with the situation for the individual production unit.
For additional information:
President and CEO Hans Rindal, cell phone: +47 90 69 69 10
Director of Finances Morten Sveiverud, cell phone: +47 90 98 06 67
Director of Communications and Human Resources Kristin Vitsø Bjørnstad: cell
phone +47 90 71 37 01
Communications advisor Tom Erik Holmlund: cell phone +47 91 66 86 68
[HUG#1454195]
3rd quarter 2010:
http://hugin.info/91/R/1454195/394503.pdf
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Source: Moelven Industrier via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 22.10.2010 - 07:31 Uhr
Sprache: Deutsch
News-ID 46045
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