Operations in the business units of Dalhoff Larsen & Horneman A/S (DLH) showed significantly improved performance in the first half of 2016. The result posted by the operating business units for the first 6 months is a positive EBIT of DKK 0.9 million ($135,734) compared to an EBIT of minus DKK 22.1 million ($3.3 million) last year.
The Nordic Region, with sales operations in Scandinavia and offices and warehouses in Denmark and Sweden, continues to show positive trend. The Region posted a
positive EBIT of DKK 3.4 million ($0.5 million) for the first half of 2016 compared to a loss of DKK 2 million ($0.3 million) for the same period last year. This result was achieved through a restructuring of the business.
The business unit, France, embarked on a closing down process. France posted a negative EBIT of DKK 2 million ($0.3 million) after the first half of 2016. However, inventory was successfully reduced and trade receivables are being collected according to plan.
By 30 June 2016, Net Working Capital for France was down to DKK 16 million ($2.4 million) mainly consisting of debtors. The process of closing down the operations in France will be completed in 3Q 2016.
The consolidated result of all activities for the first half of 2016 is a loss of DKK 3.1 million ($0.5 million), which is a significant improvement compared to the same period in 2015, when the result was a loss of DKK 46.7 million ($7 million).
DLH is a Danish owned group and since 1908 trading in timber and timber products all over the world.