Due to the market collapse, the turnover of the pulp and paper mill in Kehra was reduced to a third, and the company suffered losses of more than five million euros, Delovye Vedomosti reported. /nginx/o/2024/07/23/16240441t1h4611.jpg)
Pulp and paper mill in Kehra. Photo: Liis Treimann
Due to the market collapse, the turnover of the pulp and paper mill in Kehra was reduced by up to a third, and the company suffered losses of more than five million euros, Delovye Vedomosti reported.
Last year, Horizon Tselluloosi ja Paberi AS's revenue decreased by 67% to 22.3 million euros. While the company ended the year before with an operating profit of 17.5 million euros, last year the operating loss amounted to 5.2 million euros, as follows from the annual report submitted to Infobank Äripäev.
For the pulp and paper mill in Kehra, this was the first loss since 2007, when it amounted to almost a million euros.
The board noted in the report that the operating loss was due to the collapse of the packaging and kraft paper market due to the weakening global and particularly European economies.
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