Iggesund Timber, the sawn wood arm of Swedish forestry group Holmen AB, has reported operating profits of SKr18m for 2003.
The improved result, up from a SKr6m loss in 2002, was attributed to decreased costs due to the completion of restructuring.
Demand for sawn redwood timber was good during the fourth quarter but Iggesund said excess supply still existed on the market. Fourth quarter operating profits grew to SKr5m from SKr3m a year ago.
Production in 2003 was 191,000m3 compared to 195,000m3 in 2002.
The Holmen group’s total operating profits last year were SKr2.3bn, down from SKr2.7bn in 2002. Net sales in 2003 were SKr15.8bn compared with SKr16bn in the previous year.
