“This is is SEK9m (US$1m) lower than the previous year. The fall in profit is mainly due to lower delivery and production volumes,” says Hannele Arvonen, president and CEO of Setra.

Market conditions have gradually become more challenging since Q4, 2018. The decline in price has to a certain extent been compensated by foreign exchange developments during Q1. Good access to timber – spruce in particular – in both Scandinavia and Central Europe is putting pressure on prices on the European market, says the company.

Setra has had a high level of export to the Middle East and North Africa, primarily Egypt. Deliveries to China have also been lower compared with the same period in 2018, but are expected to increase.