Economy. hygiene and forest company SCA’s shares fall hard on the Stockholm Stock Exchange after an interim report showing that profits plummeted by 25 percent in the second quarter. SCA shares dropping nearly 5 percent.
SCA’s profit before tax fell to 2 162 million for the second quarter of 2016. This is a decrease of profit of 25 per cent compared to the profit before tax of 2.866 billion kronor corresponding period of 2015.
the result was burdened by items affecting comparability of approximately SEK 1.3 billion, most of which concerns a provision related to ongoing competition cases.
It is about ongoing investigations in Chile , Colombia, Poland, Spain and Hungary.
“I want to emphasize that we do not tolerate any form of collusion with competitors. We are working intensively to minimize the risks of unethical behavior in business by, among other things, the training of employees in competition law, “writes CEO Magnus Groth in a statement.
Second quarter sales fell to 29.086 billion kronor, down from 29.219 billion kronor a year earlier.
SCA’s adjusted operating income, which for the first half rose 9 percent to 6.652 billion crowns was worse than expected. Analysts had expected a boost of 6.765 billion kronor, according to a Reuters poll.
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