Exel Oyj, the Finnish company which transferred its outdoor business to Karhu effective June 1, records negative results for the first half of 2008. Net sales dropped by 15 percent down to €48.9 million. Operating loss was at -€4.3 million compared to a profit of €6.2 million in the previous year. The loss includes non-recurring items at -€7.3 million. In the second quarter alone, the Exel Sports Brands had an operating loss of -€7.6 million, including -€6.6 million of non-recurring items.