RusForest reports increased EBITDA in Q1/2015

Izvor:
RF/IHB
Posjeta:
1915
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RusForest AB, a Swedish forestry company with operations in Russia, today released its first quarter report 2015.

The company harvested 74,304 m3 of sawlogs in Magistralny (Russia) in Q1 2015 (Q1 2014: 76,106 m3), and 262,415 m3 of sawlogs in Ust-Ilimsk forest lease areas (Q1 2014: 192,008 m3). RusForest produced 21,778 m3 of sawnwood in Magistralny in Q1 2015 (Q1 2014: 21,711 m3).

The company generated revenue of USD 5.6 million in Q1 2015 (Q1 2014: USD 8.4 million) and EBITDA of  USD 1.9 million (Q1 2014: USD 1.3 million). Net profit reached USD 1.7 million (Q1 2014: net loss of USD 3.2 million).

Anton Bogdanov, CEO of RusForest Management Company, commented: “The first quarter of last year was marked by our first significant breakthrough: reaching our first positive EBITDA. This quarter we took another big step forward with our first net profit. This result validates the strategic and tactical decisions we have taken. Key factors in this improved financial performance include continuous operational optimization, administrative cost-cutting, a reduction in finance costs and the weakening of the Russian rouble.” 

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