Paper giant PapaerlinX managed to cut its losses for the 12 months to June 2013 to $90.2m compared with $266.7m from the year prior. Once $51.2m of one-off costs were taken out of the equation the loss shrank further to £39m, this compares with an underlying loss for the previous year of $54.4m Revenue fell significantly, with the $2.8bn figure down by almost 15 per cent on the previous year.

The Asia Pacific region of Australia, New Zealand and Asia were the stand out performers of the group, earnings rose by 19.3 per cent to $10.9m. Canada posted strong growth, but Europe, from where 70 per cent, the bulk of PaperlinX earning’s are generated, posted an earnings loss that was 45 per cent worse than the year before . PaperlinX says its figures for next year would improve thanks to savings of up to $40 coming through cost restructuring, including shrinking its staff by 11.8 per cent to just over 4,000. The company says it will instigate further cost restructuring, especially aimed at its European operations.

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