Troubled Swedish sawmiller Rörvik Timber, which is locked in negotiations with creditors about reorganising the company, has posted a first quarter pre-tax loss of SKr109m.
The figure deepened from a SKr17m loss a year ago, mainly due to lower selling prices of lumber.
Its results were also burdened by costs associated with production cutbacks (SKr14m), negative currency effects (SKr25m) and redundancies (SKR12m).
Net sales were SKr342m, compared to Skr582m a year earlier.
Despite difficult trading conditions, Rörvik said the sawn timber market had gradually improved in the spring, both in price and volumes. Pressure-treated product demand was reported as good.
Rörvik applied for reorganisation at the end of April after declaring itself unable to pay its debts and has now published its reorganisation plan. It has until about the end of summer to complete the process and agree a way forward with creditors.
