Portugal-based panel producer Sonae Industria reduced its net losses in the first quarter to €3m (2011 Q1: €21m loss).
Sales improved 3% to €361m compared with a year ago.
Sonae said its strategy to become more lean and efficient was resulting in some positive effects, while the combined effect of a better product mix and a recovery in average selling prices also helped.
Iberian volumes rose 4% and were worth €102m during the quarter, while the central Europe division (Germany, France and the UK) registered a 3% growth in turnover to €202m.
German sales turnover rose 2% on the back of a 21% increase in new house construction permits, with France seeing a 11% rise.
But construction sector woes affected its UK business, where turnover was “flat”.
“We have been facing difficulties in obtaining the necessary licences to install the recycled wood cleaning equipment which is necessary for the viability of this plant,” it said.
