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Papermaker Norske Skog says losses narrowed in Q3

Papermaker Norske Skog says losses narrowed in Q3

Norwegian papermaker Norske Skog ASA says its losses narrowed in the third quarter due to lower fixed costs, but said wood prices continue to increase.
The company Thursday reported a third-quarter net loss of 244 million kroner ($42 million), compared with a loss of 438 million a year ago, when results were weighed down by a 1 billion kroner impairment charge.
It said sales dropped by 5 percent to 4.8 billion kroner from 5 billion in the third quarter 2009.
CEO Sven Ombudstvedt says the company cut costs during the quarter and that "market conditions show signs of improvement." Still, he added these factors wouldn't be "sufficient to compensate for the continued price increases on input factors," such as wood.


Updated : 2021-03-04 23:46 GMT+08:00