DLH reports €11.4m annual loss
5 April 2016Danish based timber company DLH, which has been steadily divesting its operations during the past two years, has reported a total annual loss of €11.4m.
The losses comprise costs and financial expenses associated with the closure of DLH’s head office and losses on discontinued operations of €7.1m.
DLH recently decided to initiate the closure of its loss-making French subsidiary. The process is expected to be completed during the next six months.
During this period DLH will continue its effort to sell all or parts of the French unit.
Last year the company transferred its Brazilian and Russian subsidiaries to new owners and the head office also closed, leaving it with active operations in Denmark, Sweden, Norway, France and Ukraine.
The Nordic business unit, comprising the Denmark and Swedish operations, also operated at a loss.
The number of DLH employees had reduced to 100 last year from 604 in 2011.
“Given the uncertainty of the outcome of the divestment plan, the board of directors does not believe it is prudent to provide an outlook on earnings for 2016,” it said.
