Finnforest‘s return to a marginal profit during 2002, a period characterised by gloomy economic expectations, is a “significant achievement”, according to the Metsäliitto Group.
Finnforest’s full-year operating profits were €34.9m, a €50m improvement on the previous year, from a turnover of €1.81bn. Solid wood operations showed a loss of €4.8m from a turnover of €465m, with production levels higher than 2001 and prices for both redwood and whitewood 3% better than last year.
UK business continued to perform strongly, with sales and profitability increasing. The acquisition of Montague L Meyer‘s pine timber distribution and processing business further strengthened Finnforest’s position in the market.
The engineered wood division returned operating profits of €13.9m, down on last year’s €21.5m. Good levels of demand were reported for birch plywood, Kerto LVL, wood based wall systems, glulam and heat-treated wood.
Operating profits at Moelven Industrier, which is part of Finnforest, slid about €7m to €18.1m in 2002, with sawmilling showing good profitability and sales of glulam products “satisfactory” due to an increase in deliveries to bridge and pylon building projects and construction companies in Sweden.
