The turnover of Norwegian Forest declined slightly, from 3.2 to 3.1 billion. Meanwhile, the operating profit up 24 to 61 million kroner. Profit before tax has gone from minus NOK 839 million to NOK 333 million.
– We are satisfied with higher sales and improved cost and cash flow performance in the quarter, especially for the Norwegian units. The sharp depreciation of the Norwegian krone has improved the operation of the Norwegian units, but has a negative effect on net interest-bearing debt, says CEO Sven Ombudstvedt Commenting on the quarterly figures.
The company’s debt increased by 100 million quarter, and net interest-bearing debt is now 8.5 billion. The increase is due to the impact of unfavorable exchange rates.
In the quarterly report also shows that the company resumes the third paper machine at the mill at Skogn in Nord-Trøndelag to benefit from a weaker krone.
quarterly helped send Norwegian Skog shares up over 10 percent on the Oslo stock Exchange from the start of trading. Over the past year the exchange rate, however, fell 70 percent. (© NTB)
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