Panel producer Sonae Industria reduced its annual net losses to €58m in 2011 (2010: €74m), according to its newly-published financial results.
Turnover at the Portugal-based group increased to €1.3bn (2010: €1.29bn).
“Volumes sold in 2011 remained at the same level as in 2010, but turnover increased by 6%, due to some recovery in market prices, reflecting a better balance between supply and demand and due to us selling a better mix of products,” Sonae said.
The group’s costs were 8% higher, due mainly to price rises for chemicals and wood.
Volumes sold in Iberia and central Europe (Germany, France and the UK) increased by 1%, while turnover increased 5% and 10% respectively.
The fire at Sonae’s Knowsley plant in the UK prevents comparisons with 2010 for the UK business.
