Alexa
  • Directory of Taiwan

Paper maker Stora Enso profit drops 66 percent

Paper maker Stora Enso profit drops 66 percent

Stora Enso Oyj has reported a 66 percent plunge in fourth-quarter net profit to (EURO)100 million ($130 million) as the paper maker was hit by higher costs and low demand.
Revenue in October-December was down slightly at (EURO)2.681 billion, from (EURO)2.685 billion a year earlier. Net profit in the quarter last year was (EURO)313 million, the company said Wednesday.
CEO Jouko Karvinen said "uncertainty and slowing down of the economy" had hit the company's performance and cautioned that early 2012 would also be "a challenging operating environment."
Stora has been struggling with persistent overcapacity in European paper markets, forcing it to cut production, close mills and lay off thousands of workers.
___
Online:
http://www.storaenso.com