The combination of challenging international market conditions for Moelven's sawmills and losses linked to individual projects means that the Group returned a loss in the third quarter.
In the second quarter, Moelven earned NOK 56 million from operations. That is NOK 85 million less than in the same period last year. After financial costs, profit for the quarter was NOK 28 million.
On Thursday evening, Åge Holmestad of Moelven Limtre AS and Svein Dag Henriksen of Hydra Tidal AS received the innovation award Schweighofer Prize 2011 for their work on laminated timber turbine blades for a floating power station project at Gimsøystraumen in Nordland based on ocean and tidal currents.
Moelven earned NOK 242 million on operations in 2010, an increase in profit of NOK 151 million compared with last year.
The Moelven Group has signed an agreement for the acquisition of Vänerply. The acquisition of Vänerply means that an important product for Moelven board materials will now also be produced in-house.
A combination of a normal low season and discrepancy between the cost of raw materials and sales prices for key products meant that Moelven lost NOK 27 million in Q1.