Norske Skogindustrier ASA announced consolidated unaudited earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported operating revenue was NOK 3,018 million against NOK 3,267 million a year ago. EBITDA was NOK 251 million against NOK 214 million a year ago. The increase was due to lower energy and fibre costs, and lapse of one-off effects at Boyer (start-up LWC), Walsum and Saugbrugs (start-up new pulp plant). Operating earnings were NOK 122 million against loss of NOK 647 million a year ago. Loss was NOK 114 million against NOK 859 million a year ago. The result was impacted by unrealized foreign exchange losses of NOK 121 million. Net interest-bearing debt increased by NOK 152 million to NOK 6,952 million, of which NOK 136 million related to a negative currency effect due to a weaker Norwegian krone. Cash flow from operations before net financial items was NOK 206 million against NOK 298 million a year ago. Loss before income taxes was NOK 165 million against NOK 1,001 million a year ago. Purchases of property, plant and equipment and intangible assets were NOK 29 million against NOK 125 million a year ago. Basic and diluted loss per share was NOK 0.60 against NOK 4.53 per share a year ago.

For the six months, the company reported operating revenue of 5,885 million against NOK 6,453 million a year ago. Operating earnings were NOK 206 million against loss of NOK 824 million a year ago. Loss for the period was NOK 104 million or NOK 0.55 per basic and diluted share against NOK 1,240 million or NOK 6.53 per basic and diluted share a year ago. Net cash used in operating activities was NOK 256 million against NOK 154 million a year ago. Loss before income taxes was NOK 150 million against NOK 1,506 million a year ago. Purchases of property, plant and equipment and intangible assets were NOK 146 million against NOK 242 million a year ago.

The company announced the sales volumes will be seasonally higher in the second half of 2014.