Valmet Posts $119 Million Profit
HELSINKI, Finland (AP) _ Finland’s leading paper machinery company, Valmet, posted an eight-month pretax profit of 620 million markkaa ($119 million), compared to 664 million markkaa for the same period in 1996.
Net sales from January through August were 7.4 billion markkaa ($1.4 billion), down from 7.3 billion markkaa a year earlier, the company said Wednesday.
In 1996, Valmet’s total pretax profit grew by 42 percent to 1.02 billion markkaa on net sales of 11.7 billion markkaa.
The improvement was mainly due to increased productivity and 13 new orders from Asia and North America.
Last year, the Finnish government reduced its 59-percent share in the company to 20 percent by selling 27 million shares.
The Helsinki-based Valmet group employs 13,600 people worldwide. It is a leading producer of paper and board machines, as well as forest industry equipment. It also has a small unit that assembles cars.