Swedish state-owned forestry company Sveaskog has reported net profits of SKr941m for 2003, up from SKr579m in the previous year.
Last year’s sales of SKr8.4bn closely matched the SKr8.3bn recorded in 2002. Fourth quarter net profits were SKr363m, a rise from SKr171m a year ago.
Sveaskog’s timber division results include former business AssiDöman Timber for the first half of 2003, while the second half features its 50% share in newly-created Setra Group AB.
The AssiDöman sawn timber business was strong but processed products suffered from intense competition. Deliveries totalled 779,000m3 for the six months, while operating profits were Skr72m, an increase of SKr59m from the same period in 2002.
During the second half a general market decline was reported, including falling prices and a build-up of whitewood stocks due to high production. Total profits after net financial items totalled SKr47m for the period.
