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Q2 cash flow from operations nearly doubles at Suominen

10 Aug '16

1 min read

Cash flow from operations nearly doubled to €7.6 million in the three months ended June 30, 2016 at Suominen Corporation as against €3.9 million in the second quarter of previous year.

However, net sales declined 4 per cent to €108.8 million in the second quarter of 2016 compared to €112.9 million in the prior year's same quarter.

Comparable operating profit fell higher at 13 per cent to €8.7 million in the reporting period vis-à-vis €9.9 million in the three months ended June 30, 2015.

“Financial targets monitored on a quarterly basis like return on invested capital and gearing ratio, surpassed their target levels,” the Finnish nonwovens producer said.

The total value of the growth investment program at its Bethune plant in the US is estimated to exceed €60 million investment with customer deliveries planned to commence in the first quarter of 2017.

Suominen reiterated its previous estimate that for the full year of 2016, it expects its net sales and comparable operating profit to improve from year 2015. (AR)

Fibre2fashion News Desk - India