Vaahto Group (HEL: WAT1V) just released an interim report for September 1 – November 30 period. The company which serves paper board and pulp industries had a turnover of 14.3 million Euros, which is up 31% from the corresponding period but printed an operating loss of 0.7 million compared to a loss of 0.3 million one year ago.
The company has two business groups. Vaahto Paper Technology plans and builds production lines, machines, equipment and components. The division’s turnover was 9 million with an operating loss of 0.6 million. Turnover was up but operating profit dropped as projects undertaken were unprofitable. Vaahto Process Technology has a unit specializing in agitator technologies and a unit specializing in pressure vessels and heat exchangers. The division showed a turnover of 5.3 million Euros with a negative operating profit of 0.1 million Euros. This was due to negative returns on vessels business projects delivered during the period.
The company says that the international economy is showing alarming signs and that Vaahto Group’s market situation has clearly tightened. The company views current order book as moderate and expects improved result for the fiscal year but concludes that there is considerable uncertainty. Yesterday the company announced that its subsidiary Japrotek and ABB transformers had signed a cooperation agreement concerning the manufacturing of demanding subsea transformer vessels. Vaahto’s stock is under some downward pressure on low volume.
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