The restructuring involved the closure of the producer's Dalmore mill last year and the loss of around 100 jobs.
On a positive note, the Scottish paper maker said that new speciality paper products were being developed.

"We have made huge strides, and with the Dalmore closure behind us, we have a bright future," said managing director Keith Chapman.
Plant and equipment, along with some personnel, have now been transferred to the Guardbridge site in Fife.

Operating losses were 1m, down from 2.1m in 2004, aided by cost reduction measures and product increases.