In the fourth quarter of 2015, operating profit excluding non-recurring items fell by 32 per cent to €4.3 million compared to €6.2 million in 2014 at Finnish nonwovens producer Suominen.
“Operating profit in the reporting quarter was weakened by the expenses related to development projects in progress, among other things,” Suominen explained.In the fourth quarter of 2015, operating profit excluding non-recurring items fell by 32 per cent to €4.3 million compared to €6.2 million in 2014 at #
“Net sales for the quarter ended December 31, 2015 remained flat at €104.2 million as against €104.8 million in the previous year,” a press release from the company informed.
For full year 2015, Suominen's net sales amounted to €444.0 million and operating profit excluding non-recurring items reached €31.2 million, corresponding to 7.0 per cent of net sales.
“The execution of all initiatives in the growth investment program has advanced on three continents, while Suominen's Care business area launched in total three new nonwovens products to the market,” it said.
Suominen expects that for the full year 2016, its net sales and operating profit excluding non-recurring items will improve from 2015.
CEO Nina Kopola said, “North America and Europe are Suominen's main market areas and in the US, the consumer confidence index declined slightly, but remained at a good level.”
“But, in the euro area, the index rose marginally in the fourth quarter and was clearly at a higher level than it was in the comparison period,” Kopola added.
“In South America, particularly in Brazil, the accelerated economic growth of recent years reversed and contrary to what one might think, this was not reflected in our business operations in the area,” she noted.
The Paulínia plant in Brazil was integrated into Suominen in early 2014, and since then it has proceeded in the South American market as planned.
According to Kopola, Suominen's financial development during 2015 corresponded to their positive outlook, even though the fourth quarter fell short of expectations as some customers postponed their orders.
Suominen's board of directors propose to declare an annual dividend of €0.02 per share for 2015 and as on January 29, 2016 the company had 251,511,730 issued shares, excluding treasury shares.
“With this number of shares, the total amount of dividends to be distributed would be €5,030,234.60,” the company observed. (AR)
Fibre2Fashion News Desk – India
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