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Martela net loss doubles in 1st half of 2010

Wednesday 4 August 2010

Finnish office furniture maker Martela Oyj said today its net loss widened to EUR1.5m in the first half of 2010 from EUR784,000 a year earlier.
Revenue rose by 6.6% year-on-year to EUR48.3m, while operating loss doubled to EUR1.6m from EUR800,000.
In the first six months of 2010, cash flow from operations was negative and amounted to EUR2.2m, compared to a positive cash flow of EUR7.1m in January-June 2009.
In the second quarter of 2010, Martela\'s net loss shrank to EUR527,000 from EUR563,000 and revenue grew by 21.3% year-on-year to EUR25.7m.
In June 2010, the furniture maker agreed to acquire the used furniture business of office furniture recycling and sales company Pa-Ri Materia Oy. The business operates under the name Martela Poistomyynti in Helsinki and Tampere.
The company expects that low demand will have an adverse effect on its revenue and operating result in 2010.

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