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October 31, 2019
Finland: Forestry giants Stora Enso and UPM report declining profits in Q3/2019
Finland's forestry giants, Stora Enso and UPM, have reported declining profits and smaller production output for the third quarter (Q3) of 2019. On Tuesday, Stora Enso reported that its profit in July-September was down by a third to 231 million euros (256.6 million U.S. dollars) from 353 million euros a year ago. It said the decline is expected to continue into the fourth quarter. Stora Enso reported that both the sales volumes and the prices of its products had declined. It said it had cut costs in advance to match the sales ...
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