Tropical timber group DLH was back in profit in the first quarter, registering a pre-tax result of DKr4m (2010: DKr10m loss).
“We have made a good start to the year with sales growth and increased profitability as a result of the adjustments we implemented last year,” said CEO Kent Arentoft.
DLH’s turnover for the period was DKr781m compared to DKr740m a year ago – a 6% growth rate.
The group expects 2011 turnover of about DKr3.3bn, with profits before tax and interest of DKr60m.
DLH offered new shares in the first quarter and completed a fully subscribed rights issue with net proceeds of DKr 251m on April 14.
In February, DLH entered into a new bank agreement which, after the completion of the capital injection, runs for three years.
