The increase in net results is explained by the improvement in the net results of the Sonae Arauco joint-venture, particularly those of the second trimester of the year.

Sonae Arauco CEO Paulo Azevedo commented: “I am pleased to be able to inform our stakeholders that our plants in Mangualde and Oliveira do Hospital, affected by the forest fires in Q4, 2017, are now operating close to their desired capacity levels and that the sales ramp up has gradually been accelerating enabling us once again to fully serve our customers. 

“It is also encouraging that during the first half of 2018, Sonae Indústria generated a net profit of €18.9m, significantly above last year, driven mainly by the strong contribution from Sonae Arauco but also benefiting from the positive contribution of our North American business with an improvement in performance during the second quarter compared to the first quarter of the year,” said Mr Azevedo.