Russian sawmiller records first-ever EBITDA profit
4 June 2014Russian sawmiller RusForest has posted its first-ever profit (before interest, tax, depreciation and amortisation), nine years after it was founded.
The company’s first quarter result shows EBITDA of US$1.4m.
“RusForest is on the right track,” said Matti Lehtipuu. “Our continued operational improvement measures are delivering results, and our sale of non-core assets is strengthening our financial position.
“Our Q2 earnings will likely suffer from seasonality, but we are pleased with our progress to date.” The Swedish-owned sawmiller, which has mills in eastern Siberia and the Arkhangelsk region, produced 48,534m3 of sawn timber during the quarter.
