Portuguese Panel Maker Says Profits Soar

Maia, Portugal, March 6, 2008--Wood panel maker Sonae Industria SGPS said net profit rose 143 percent to $121 million last year.

In a statement, the company said revenue increased 22 percent.

Sonae Industria said its earnings were aided by its geographical reach, which helped it minimize the impact of a slower economy.

Looking ahead, the company said that its raw materials costs increased sharply in the fourth quarter but that it expects prices moderate by the middle of the year.

In Canada, it plans bolster a particle board line that was damaged by fire, saying that it is the lowest-cost producer in that country.

Print the Article