This week Fortress Paper Ltd. announced a 52 per cent rise in quarterly profits, showing that while many companies are struggling during this period of economic downturn, they are thriving.
The company – which produces non-woven wallpapers as well as security and specialty papers (such as bank notes) – reported net income of $3.5 million for the third quarter of 2009, an increase of $1.5 million from the same quarter last year. The increase in profits earned shareholders $0.38 per share, up more than ten cents from last year.
Fortress Paper credits a strong quarter in banknote paper sales from its Lanqart mill coupled with consistent positive results at their Dresden mill:
“As the year has progressed it has become apparent that our mills have been able to endure the economic crisis and produce healthy results,” the company said in a press release this week. “The market for security papers, which includes bank notes, passport paper and other high security papers, continues to show strength and our order book for wallpaper base is experiencing its highest level of demand since the economic downturn.”
Posted By: T. Murphy