Norske Skogindustrier ASA reported unaudited consolidated earnings and production results for the second quarter and six months ended June 30, 2017. For the quarter, the company reported operating revenue of NOK 2,848 million against NOK 2,891 million a year ago. Operating loss was NOK 52 million against NOK 1,146 million a year ago. Loss before income taxes was NOK 543 million against profit before tax of NOK 9 million a year ago. Loss for the period was NOK 546 million or NOK 1.97 per basic and diluted share against profit for the period of NOK 229 million or NOK 1.00 per basic and diluted share a year ago. Net cash flow from operating activities was NOK 187 million against NOK 42 million a year ago. Purchases of property, plant and equipment and intangible assets was NOK 75 against NOK 74 million a year ago. Net interest bearing debt was NOK 6,579 million against NOK 6,353 million a year ago. Gross operating earnings (EBITDA) were NOK 190 million against NOK 335 million a year ago.

For the six months, the company reported operating revenue of NOK 5,541 million against NOK 5,870 million a year ago. Operating loss was NOK 50 million against NOK 1,106 million a year ago. Loss before income taxes was NOK 807 million against profit before income taxes of NOK 16 million a year ago. Loss for the period was NOK 820 million or NOK 2.97 per basic and diluted share against profit for the period of NOK 240 million or NOK 1.06 per basic and diluted share a year ago. Net cash flow from operating activities was NOK 276 million against NOK 227 million a year ago. Purchases of property, plant and equipment and intangible assets were NOK 135 million against NOK 123 million a year ago. Net interest bearing debt was NOK 6,579 million as of June 30, 2017 against NOK 6,353 million as of June 30, 2016. Gross operating earnings were NOK 348 million against NOK 577 million a year ago.


For the quarter, the company reported total production of 612,000 tonnes against 620,000 tonnes a year ago.

For the six months, the company reported total production of 1,238,000 tonnes against 1,258,000 tonnes a year ago.

The company updated projected full year 2017 gross operating earnings for the group is around NOK 800 million. The downward revision from earlier outlook statements largely reflects external factors such as negative currency effects with a stronger NOK and a weaker USD, higher energy costs, increased exports to lower-margin Asian markets and continued weakness in the LWC.