Sweden-based steel service center BE Group has announced its financial results for the fourth quarter and full year of 2013.
BE Group has reported a net loss of SEK 15 million ($2.3 million) for the fourth quarter, compared to a net loss of SEK 40 million in the same quarter of 2012, while the company's sales revenues decreased by 4.1 year on year to SEK 950 million ($145.8 million), due to a decrease of two percent in shipped tonnage.
During the full year, BE Group saw a net loss of SEK 51 million ($7.8 million), down from SEK 111 million in the previous year. In the given period, the company's sales revenues amounted to SEK 3.99 billion ($612.9 million), falling 13.8 percent year on year, while the shipment volume decreased by nine percent compared to 2012.
BE Group expects a recovery in demand in the markets during the current year compared to the last quarter of 2013. In 2014, the company's competitiveness will improve following implemented efficiency improvements.
According to BE Group, the efficiency measures initiated at the beginning of the year will result in a reduction of approximately 140 jobs in Sweden and Finland.