Finnforest‘s first quarter pre-tax losses deepened by €1m to €11.4m compared to a year ago, the company’s parent Metsäliitto has revealed in its interim report.
The weak result was blamed on an oversupply on sawn timber markets and high cost of raw materials, especially pine logs. Sawn redwood prices also dipped by more than 10%.
Finnforest recorded sales of €468m, compared to €470m last year.
Demand and prices for birch plywood and conifer plywoods improved, while Kerto LVL prices also strengthened.
Metsäliitto’s overall sales were €2.18bn and pre-tax profits totalled €18.3m.
