10°c Clear
20°c Cloudy with showers
The Canadian Press - ONLINE EDITION
Nordic paper maker Stora Enso Q4 profit plunges to $130 million on high costs, low demand
HELSINKI - Stora Enso Oyj has reported a 66 per cent plunge in fourth-quarter net profit to €100 million ($130 million) as the paper maker was hit by higher costs and low demand.
Revenue in October-December was down slightly at €2.681 billion, from €2.685 billion a year earlier. Net profit in the quarter last year was €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
More Business
- Back to Top
- Return to Business
You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.
The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010; View the changes. New to commenting? Check out our Frequently Asked Questions.