The Finnish-Swedish manufacturer reported first-quarter operating profits of 145.5m in May, down 22% on the same period last year (PrintWeek, 2 May). It will issue its second-quarter results on 24 July.
Stora Enso is attributing the fall in operating profits to the combined effects of weak economic conditions in Europe, resulting in an increase in lower-profit-margin overseas exports from its European mills.
It is also being hit by the fall in value of the dollar and overcapacity in some paper grades, and the weak financial performance of its North American operations due to high energy costs, low production volumes, and only small success in increasing product prices.
Have your say in the Printweek Poll
Related stories
Latest comments
"I'm sure this will go down well with print supply chain vendors. What terms is it that ADM are after - 180 days is it?"
"Hello Set Off,
Unencumbered assets that weren't on the Reflections books, I believe.
Best regards,
Jo"
"Just wondering who Rapidity are buying the equipment from as there would not appear to be an administrator for the Reflection companies as yet?"
Up next...
Significant step in Kelsey's growth strategy
Mortons sells media wing, printing operations retained
'They're all reading on their phones'
Murdoch sees endgame approaching for printed newspapers
NewCo expected to go live in early June