Saga Furs Oyj reported unaudited consolidated earnings results for the first quarter ended November 30, 2011. For the quarter, the value of sales decreased by 4% to EUR 99.1 million against EUR 103.7 million in the previous corresponding period due to a smaller amount of fox pelts than in the previous corresponding period. The consolidated net turnover decreased by 5% compared to the previous corresponding period, totaling EUR 9.9 million. The company reported net turnover of EUR 10.4 million in the previous year same quarter. The consolidated operating profit was EUR 1.63 million or 16.6% of turnover compared with EUR 2.65 million or 25.6% of turnover in the previous corresponding period. Net profit was EUR 2.3 million against EUR 2.5 million reported a year ago. Earnings per share stood at EUR 0.64 compared with EUR 0.70. Profit before taxes was EUR 3.14 million against EUR 3.41 million reported a year ago. Return on equity was 3.4% against 4.3% reported a year ago. Consolidated gross capital expenditure totaled EUR 1.4 million during the period under review against EUR 0.77 million reported a year ago. Of the capital expenditure, 62% was spent on tangible and 38% on intangible assets. Net cash flow from operating activities was negative at EUR 12.6 million against EUR 16.4 million reported a year ago. Equity-to-assets was 59.4% against 54.7% a year ago.