Billerud AB (STO: BILL), which provides packaging paper and sustainable packaging solutions, posted another solid quarter. Operating margin stood at 12%, ROE at 19% and operating cash flow at 20% of sales. Second quarter profit was lower than first quarter by the amount of costs of periodic maintenance work and orders received and sales volumes have ‘normalized’ from very high activity in Q1.
Billerud plans to become more customer oriented company in packaging and packaging solutions and has to that end made a minority investment in PACCESS Packaging and hired new talent. CEO Per Lindberg feels that the company is in a good place both with the short term demand and long term prospects. Formal outlook for full-year of 2011 is that business cycle outlook is somewhat more uncertain but that the company is starting Q3 on good levels of activity. The full interim report in pdf is here.
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