A challenging market for industrial timber and a weak euro meant that Moelven ended the third quarter with an operating loss of NOK 14 million. Moelven's President and CEO believes that the challenges facing export industry in a competitive market could last for a while.
Moelven reported operating revenues of NOK 2,186 million for the second quarter, which is thus on par with the same period last year. The operating profit was NOK 45.5 million, which is NOK 10 million less than the corresponding period last year
On 24 April, the corporate assembly of Moelven elected a new Board, with only a few, minor changes. Grethe Sønsteby was elected to replace Elisabeth Bjøre.
Moelven posted a NOK 19 million profit on the company's operations during the first quarter of the year, i.e. NOK 45 million more than for the same period last year.
Today, Moelven publishes an internet version of its 2011 annual report. See video with President and CEO Hans Rindal and Moelven's divisional managing directors.
Pehr Eriksson manages Moelven's British organisation and the sale of timber in Britain. His duties involve being on the road two or three days a week. We recently joined him on an early morning visit to a big customer - Snows Timber in Glastonbury just south of Bristol.
The total operating profit for Moelven in 2011 ended at NOK 13 million (243). Difficult market conditions internationally and losses on some individual projects were the main causes of the poor operating profit.