Baltic Export, Estonia, Markets and Companies, Woodwork

The group's earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to 739,000 euros, while a year before totaling 312,000 euros. The company's net profit fell from 1.5 million euros in 2014 to 411,000 euros, the company told the stock exchange.

"Although consolidated net sales have decreased mainly due to weak demand in Finland and Russia, the company has managed to improve EBITDA margin and achieved a better result compared to last year. The main reasons behind it are improvements of fibreboard production process allowing to reduce production cost and keep profitability at much lower production volumes," the company's management board said in the annual report.

In the fourth quarter revenue fell 9% to 4.2 million euros and EBITDA was negative by 72,000 euros. The fourth quarter's net loss totaled 361,000 euros, while a year before it was 1.3 million euros. The latter was influenced by a one-off non-monetary write-down of Pussi fibreboard factory assets in the amount of 925,000 euros –- without that EBITDA would have totaled minus 83,000 euros.

Retail sale of furniture increased in Estonia and Lithuania but decreased in Latvia and Ukraine. "Retail sale is still very weak in Ukraine due to the conflict and difficult economic situation," the management board said.