“Crises come in order to cope with them”: the house manufacturer went into losses

Estonian house manufacturer Timbeco Woodhouse suffered losses of more than half a million euros, Delovye Vedomosti reported. Timbeco Woodhouse notes that the weakening of Scandinavian currencies against the euro by 15-20 percent has also increased export costs and led to the freezing or postponement of several projects. Photo: Elmo Riig

Estonian house manufacturer Timbeco Woodhouse suffered losses of more than half a million euros, Delovye Vedomosti reported.

The company's annual report notes that Timbeco Woodhouse made a €650,000 loss on turnover of €10.2 million last year. Turnover decreased by 37.35 percent year-on-year and the operating profit margin was -6.40 percent.

The company explained that both buyers and developers were negatively impacted by rising interest rates, the economic downturn and political instability, especially the ongoing war in Ukraine and conflicts in Israel.

“Crises are made to be dealt with,” the company emphasizes in the report, adding that Timbeco has successfully overcome every crisis in its nearly 30-year history and emerged stronger than before.

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