UPM 3Q 2011 Operating Profit Hurt By Lower Pulp, Fine Paper Deliveries in Europe
Oct 14, 2011 - UPM said that lower pulp and fine paper deliveries in Europe had an adverse impact on its operating profit — Q3 operating profit excluding special items was EUR 137 million.
UPM's expalined that pulp deliveries and fine paper deliveries in Europe during Q3 2011 were lower than expected and had a negative impact on the company’s operating profit.
In a written statement, UPM said, "Fine paper demand continued to be low in Europe and deliveries did not recover in September from the seasonal summer slowdown. However, stable demand continued in publication papers and the integration of Myllykoski and Rhein Papier proceeded well.
"Following the lower than expected Q3 results and the continuing uncertainty in pulp and fine paper markets, UPM’s full-year 2011 operating profit is expected to be somewhat lower than last year. Previously, the full year 2011 operating profit was expected to improve from last year."
UPM will publish its Q3 2011 results on October 26, 2011.
SOURCE: UPM-Kymmene Corporation