Swedish state forestry company Sveaskog has reported a rise in net profits to SKr2bn (2009: SKr1.9bn) for the year ended December 31, 2010.
Its net sales were SKr6.9bn, up from SKr6bn a year earlier.
Net profits during the fourth quarter were SKr1.07bn (2009: SKr1.02bn), with operating profits up slightly to SKr1.55bn. Net sales reached SKr1.8bn compared to SKr1.6bn a year ago.
“2010 was a very successful year for Sveaskog,” it said. “The company exceeded all its financial targets during the year.
“We noted very high demand during the year and were able to increase both sales volumes and prices. Internal efficiency improved, providing a positive balance to higher costs related to increased business volumes and silvicultural measures.”
During the year Sveaskog delivered 11.3 million m³ of wood raw material, up 4% on 2009.
Customer demand for sawlogs decreased in the fourth quarter but Sveaskog was still able to increase its annualised sales.
