Steico reports profits increase
13 November 2013I-joist and wood fibre insulation panel producer Steico AG increased profits before interest and tax to €8.6m in the first nine months of 2013.
The result compares with €6.7m in the same period last year.
Sales were up 4.8% for the period, and reached a record €42.7m in the nine months (2012: €40.8m).
The company said it expects the strong competition in the wood fibre insulation, and the associated price pressure, and it expects it to continue in the medium term.
However, sustainable building products are in demand and Steico expects this positive trend to continue in the fourth quarter.
The company forecasts full-year revenue of €150m for 2013.
