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Finnish paper maker UPM 2Q loss of

Finnish paper maker UPM 2Q loss of

UPM-Kymmene Corp., the world's largest magazine paper maker, on Tuesday reported a second-quarter net loss of ⁈ion ($11.44 million) as paper sales plunged due to poor demand in the recession.
Revenue in April through June fell 23 percent to ⁈illion ($2.63 billion), from ⁈llion a year earlier. The company posted a net profit of ⁈lion in the same period in 2008.
The Finnish forest products group cited "significantly lower deliveries in all of UPM's business sectors" as the main reason for the fall in profitability.
UPM said the economic downturn had caused it to reduce costs by some ⁈llion in the period, including with temporary layoffs, mill closures and production cuts and cautioned that it will continue to curtail production if necessary.
The company said that although the fall in economy activity in its main markets had slowed down, "recession continues to have an impact on consumer demand, construction activity and advertising in print media and thus on demand for all of UPM's products."
In recent years, UPM has axed hundreds of jobs and warned of further layoffs, mill closures and production cuts as the global economic turmoil has hit the paper industry.
UPM employed 23,800 people at the end of the period, down from 27,000 a year earlier. It has 64 production plants in 14 countries.
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On the Net:
http://www.upm-kymmene.com


Updated : 2021-10-20 19:08 GMT+08:00