This week's latest articles

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
Prev Next
Tesla's Announces New Battery Plant

Tesla's Announces New Battery …

Can Tesla produce a more affordable electric vehicle? Tesla Motors Inc made hea...

16-09-2014 Hits:47 Environment

Read more
Walsh Graphics Expands Its Base!

Walsh Graphics Expands Its Bas…

Experienced and passionate sales manager required for expansion into Northern Ir...

15-09-2014 Hits:99 Walsh Graphics

Read more
Rotolito Lombarda Installs MGI JETvarnish 3D

Rotolito Lombarda Installs MGI…

Finishing system installation part of wider technology investment. Italian base...

15-09-2014 Hits:35 European

Read more
Press Release From EFI

Press Release From EFI

Electronics for Imaging, Inc. Proposes Offering of $300 Million Convertible Seni...

15-09-2014 Hits:46 Company News/Finances/Banks

Read more
New Face At PressOn

New Face At PressOn

Nick Lake appointed as key project manager at company. UK based PressOn, a larg...

15-09-2014 Hits:60 People

Read more
Mimaki Unveils New CJV300

Mimaki Unveils New CJV300

 Company launches new CJV300 series flagship printer/cutter. Mimaki has launche...

15-09-2014 Hits:35 High Tech

Read more
IIJ Label Symposium Speakers Named

IIJ Label Symposium Speakers N…

Inkjet experts to highlight huge growth opportunities. The line-up of experts ...

15-09-2014 Hits:42 Conferences/Seminars/Exhibitions

Read more
New MD At MUTOH Belgium

New MD At MUTOH Belgium

Arthur Vanhoutte passes the baton to Akio Kotake and takes up new role as consul...

12-09-2014 Hits:83 People

Read more
Canon And DINAX Collaborate

Canon And DINAX Collaborate

 Dedicated Mirage professional photo printing software editions now available fo...

12-09-2014 Hits:96 Software - IT - Computing

Read more
Full Order Book For Hollanders ColorBooster CB250

Full Order Book For Hollanders…

Production to be extended following successful European launch of new machine. ...

12-09-2014 Hits:109 General

Read more
First Off The Grid For Mimaki

First Off The Grid For Mimaki

 Mimaki joins Caterham F1 Team as technical partner. It’s been announced that M...

12-09-2014 Hits:104 Features

Read more
Antalis Enhances Traceability

Antalis Enhances Traceability

Company strengthens traceability of product offering with unique Myrmex supplier...

06-09-2014 Hits:118 Global ECO Developments

Read more
New Océ PlotWave 500 From Canon.

New Océ PlotWave 500 From Cano…

Designed for mid volume technical document printing. Canon has announced what i...

06-09-2014 Hits:104 Equipment

Read more
Roland DG’s First 3D Printer Launched

Roland DG’s First 3D Printer L…

New milling machine also unveiled. Roland DG Corporation, a leading manufacture...

06-09-2014 Hits:124 General

Read more

Stora Enso profits down significantly in Q2 as paper prices drop

  • Written by Administrator
  • Published in European
User Rating:  / 0

Company forced to curtail production, close mills and lay off workers.

HELSINKI based paper maker Stora Enso Oyj has revealed that its net profit was down nearly 50 per cent to €69.5 million in the second quarter primarily as a result of lower selling prices for paper and pulp.

The Groups net profit in the same quarter last year came in at €136.0 million. The company said the drop profit would have been even higher except for a one-time accounting gain of €56 million.

Stora Enso also reported that revenue had fallen slightly in the period, from €2.82 billion a year ago to €2.72 billion this quarter.

As a result, shares in the Finnish-Swedish company fell 7 percent to €4.82 on the announcement of the results in Helsinki.

CEO Jouko Karvinen is quoted a saying that the company's weaker than expected result was partly due to Europe's debt crisis, which was beginning to show "material impact" on key markets.

"We must and will continue to adjust our manufacturing capacity to the market demand," he said.

As a result the company has already started cutting production at its mills in an effort to reduce inventories of paper, board and sawnwood products.

In line with many other forest products companies, Stora Enso has struggled with overcapacity in the European market due to falling prices and low customer demand. Like other companies faced with this situation it has been forced to curtail production, close mills and lay off workers.

The company forecast that operating profit for the third quarter would be roughly the same as the second quarter with revenue also at the same level.

Stora Enso is one of the world's largest forest product companies making magazine paper, newsprint, fine paper, pulp and packaging boards. It employs some 30,000 worldwide.

Copyright © 2012, DPNLIVE – All Rights Reserved




Humidity: 82%

Wind: 22.53 km/h

  • 18 Sep 2014 17°C 14°C
  • 19 Sep 2014 17°C 14°C