Alexa
  • Directory of Taiwan

Finnish paper maker UPM returns to profit in Q3

Finnish paper maker UPM returns to profit in Q3

UPM-Kymmene Corp., the world's largest magazine paper maker, on Thursday reported a third-quarter net profit of ⁈lion ($59 million), mostly thanks to one-time gains and despite a drop in sales.
Last year, UPM reported a net loss of ⁈lion in the period. Revenue in July through September fell by 19 percent to ⁈illion from ⁈illion a year earlier, the Finnish company said.
The company's share price jumped more than 4 percent to ⁈$11.67) on the Helsinki Stock Exchange.
UPM did not specify the special items that helped it return to profitability and gave a mixed outlook.
"Economic activity in UPM's main markets has shown signs of improvement. Leading economic indicators such as consumer confidence have clearly improved since March this year," the company said. "However, recession continues to have an impact on consumer demand, construction activity, and advertising expenditure in print media and thus on demand for all of UPM's products."
Recently, 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. It said it will continue to curtail production in "most of its businesses to respond to the changes in market demand."
UPM employed 23,200 people at the end of the period, down from 25,600 a year earlier. It has 64 production plants in 14 countries.
___
On the Net:
http://www.upm-kymmene.com


Updated : 2021-05-11 13:36 GMT+08:00