Cost-cutting measures have helped Setra improve its cash flow, but the Swedish wood products giant still reported a SKr340m operating loss in the first half of 2009.
The loss included closure costs for the Färila sawmill of SKr84m, which will cease production at the end of July. This followed the closure of the Lövholmen samill at the end of June.
Reporting its half-year figures to June 30, the company said the closures would have a combined annual earnings impact of Skr100m, while they’ve already reduced costs by SKr70m compared with the same period last year.
Net sales for the first half of 2009 were SKr2.1bn, down from SKr2.7bn last time, while the group recorded a pre-tax loss of SKr277m.
