114.9% increase in profits posted by Sweden’s Elmo
The Swedish automotive and furniture leather specialist, the Elmo Leather Group, has posted excellent results for the period ended
The firm says its operating profit increased 114.9% to SEK 16 million ($1.9 million), generated by the fact the firm’s income was not burdened with any restructuring costs. Elmo also says it benefited from lower fixed costs in the
Sales, however, declined 17% to SEK 815.6 million ($98.8 million), caused by production shutting down in the
The results are a vast improvement compared with 2001, when the firm suffered losses in the underlying operations of nearly SEK 18 million ($2.2 million).
Nalle Johansson, President and CEO said: “The results have dramatically strengthened our financial position. Equity has improved, net interest-bearing liabilities have fallen, the equity/assets ratio has improved and the group’s payment position is strong.”
Due to the uncertainty of the current market the firm has refrained from commenting on the outlook for the coming year.
