Paper and packaging group Powerflute Oyj has posted positive financial results for the first six months of 2011. Revenues from continuing operations rose by 15% compared with the same period last year. Net income was €5.07m against a net loss of €3.48m in H1 2010. Powerflute says good performance in the first half-year of 2011 was due to favourable market conditions in the packaging paper market and to the disposal of its graphic paper business in May 2011. The company had sold its Germany subsidiary Papierfabrik Scheufelen to Paper Excellence B.V. for total consideration of €38.5m.
Powerflute expects market conditions to remain broadly favourable for packaging papers for the remainder of the year and continues searching for acquisition opportunities in the paper and packaging sectors.