STOCKHOLM (dpa-AFX) - Holmen AB (HLMMF), a Swedish provider of sustainable packaging solutions, reported Thursday lower profit in its second quarter, despite slight growth in net sales.
The company noted that consumer caution persisted throughout the second quarter, and activity in the construction market remained weak. Prices for both pulpwood and logs decreased during the period due to reduced demand.
In the quarter, profit after tax declined to 510 million kronor from 602 million kronor in the prior year period. Earnings per share fell to 3.3 kronor from 3.8 kronor a year ago.
Operating profit decreased to 689 million kronor from 807 million kronor last year, and the operating margin compressed to 12% from 14% in the prior year.
EBITDA declined to 1.049 billion kronor from 1.176 billion kronor in the second quarter of the previous year.
Net sales totaled 5.632 billion kronor, compared to 5.573 billion kronor a year ago.
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