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More losses at Nurminen

February 18 - Against a backdrop of particularly challenging market conditions, Nurminen Logistics posted a negative net profit of EUR -4.4 million (USD -4.8 million) for 2015.

The company's recorded net sales of EUR43 million (USD47.7 million) in 2015 - down slightly from EUR52.8 million (USD58.6 million) in 2014.

In September 2015, Nurminen concluded an agreement to sell its specialised transport division, Nurminen Logistics Heavy, to Ville Silvasti. Nurminen says that this transaction has had no significant impact on its 2015 result.

Nurminen expects both its operating result and earning per share to improve in 2016, but predicts that its net sales will fall short of the 2015 level - this expected decrease has been attributed to the sale of Nurminen Logistics Heavy, as well as the sale of covered wagons and the likely development of the ruble exchange rate.

"The year 2015 was characterised by significant changes in demand and operating volumes," said Nurminen president and ceo Marko Tuunainen. "The value of the company's sales decreased substantially compared to 2014, which particularly reflected the decline in exports and imports between Finland and Russia."

2015 saw Finnish exports decrease by 4 percent and imports by 6 percent; while the decline in exports to non-EU countries was particularly steep, with exports to Russia falling by more than a third.

The company's special transports and projects business unit's net sales for the reporting period amounted to EUR5.1 million (USD5.6 million), with an operating result of EUR107,000 (USD118,000).

With the operations of Nurminen Logistics Heavy transferred to Ville Silvasti last year, since October 2015 the company's project business has been reported under the forwarding and value added services unit, which reported net sales of EUR25.9 million (EUR28.7 million) in 2015.

At the company's Vuosaari terminal in Finland, volumes of breakbulk cargo developed favourably during the reporting period, added Nurminen.

www.nurminenlogistics.com

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