Horizon Pulp and Paper 1st Half 2011 Earnings Up on Strong Sales
July 19, 2011 - Horizon Pulp & Paper reported first half 2011 turnover of EUR 30 million and net profit of EUR 8.1 million with a margin of 27 percent.
“Horizon managed to keep momentum of previous successful months on a backdrop of good global demand. Compared to the first half of 2010, the sales of Horizon grew by 45 percent,” said Ashwani Sharma, CEO of Horizon.
Sharma noted that in June the installation works of a new super batch cooking plant started, to launch the new plant at the end of 2011. The components of the new plant, consisting of two digesters and three accumulators, were delivered by Metso. New technology will reduce the mill’s energy consumption by 25 percent and water consumption by 1.3 million cubic meters annually, Horizon said.
Horizon is Estonia’s only sack craft producer that exports to 50 countries around the globe and is fully owned by Singaporean global company Tolaram Group.
In 2010, Horizon Pulp & Paper recorded sales of EUR 52 million and net profit of EUR 8.6 million resulting in a net profit margin of 16.5 percent.
SOURCE: Horizon Pulp and Paper