Norske Skog's gross operating earnings (EBITDA) in the 2Q 2017 were NOK 190 million ($24.2 million), an increase from NOK 158 million ($20.1 million) in the 1Q 2017. The European units contributed less to gross operating earnings than in the 1Q; whereas, the Australasian units gross operating earnings improved, as the company said in the press release received by Lesprom Network.
Operating earnings in the 2Q was NOK -52 million ($6.6 million) compared to positive operating earnings of NOK 2 million in the 1Q 2017.
Net loss in the 2Q was NOK 546 million ($69.6 million) compared with a net loss of NOK 274 million ($34.9 million) in the 1Q 2017. Cash flow from operating activities before net financial items seasonally increased from NOK 175 million ($22.3 million) in the 1Q 2017 to NOK 226 million ($28.8 million) in the 2Q 2017.
“We continue to make our units more competitive and robust through a new comprehensive cost reduction programs. At the same time, there is significant progress in realizing the new growth initiatives. All these measures will be effectuated simultaneously but further progress depends on a successful outcome of the on-going recapitalization process,” says Lars P.S. Sperre, CEO of Norske Skog.
Norske Skog is a global leader in production of newsprint and magazine paper. The company has 9 paper mills around the world.