Helsinki, Finland-based Glaston has released its financial report for 2014, showing a 48-percent increase in orders for the year.

Orders received for the year totaled $166.4 million U.S. dollars (145.1 million Euros), compared with $141.4 million U.S. dollars (123.3 million Euros) for 2013.

Consolidated net sales totaled $142.7 million U.S. dollars (124.5 million Euros), compared with $140.1 million U.S. dollars (122.2 million Euros) for 2013.

The company’s operating profit, excluding non-recurring items, grew 130.7 percent to $5.6 million U.S. dollars (4.9 million Euros), from $2.4 million U.S. dollars (2.1 million Euros).

“For Glaston, the final quarter of the year was good and we start 2015 with a strong order book,” says president and CEO Arto Metsänen. “ … For the full year, we achieved growth in both net sales and operating profit. I am particularly satisfied with the stronger than expected development of operating profit. In terms of net sales, our growth expectations were higher than the level of net sales achieved. The situation in Russia and a lower than expected order intake in Asia slowed development of net sales. We will continue our strong focus on Asia. Our new products have already gained a strong position in the European and North American markets, and we also believe in their competitiveness in Asia.”

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