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Holmen reports boosts in profit
Wednesday, 26 October 2011
The forest company Holmen's operating profit was Skr519 million for the third quarter of 2011 against Skr383million in the same period last year. This gives an operating margin of 11.5 percent unlike 9.1 in the past.

Analysts had expected an operating profit of Skr465 million and a margin of 10.2 percent, according to various consensuses.

Holmen reported a profit before tax of Skr455 million for the third quarter of 2011 against Skr329million for similar period in the past. Analysts had on average expected a profit before tax of Skr410 million, according to analysts. This made profit before tax of 11 percent better than expected.

Net profit was Skr343 million, against Skr216million in the past similar period, equivalent to earnings per share of SEK 4:10 unlike skr2.60 in the past. It was expected that a net profit of Skr295 million and earnings per share of Skr3.51wuld be the outcome.

The company reports that hydro power production was high for the time of year, and staff costs were seasonally low, while a large maintenance stoppage had an adverse impact on profit.
Demand for both newsprint and paperboard in Europe weakened during the third quarter, and the market for sawn timber remained weak according to the report.
By Scancomark.se Team

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