UPM confirms weak performance

Profit before non-recurring items was EUR63m, compared to EUR135m in 2003. Sales reached EUR2.45bn, up from EUR2.42bn with paper deliveries up ten per cent, and earnings per share posted at EUR9c, compared to EUR18c.

Jussi Pesonen, UPM president and CO, says, “UPM deliveries increased in all paper grades, but the profitability of the company was weak as anticipated. The most important reason was the continuing weak price level in the paper markets. We are determined to improve cost efficiency adopting all possible measures and our cost savings programme has made very positive progress.”

“On a positive note, with increased demand UPM has strengthened its position in the markets and the order inflow is good. With demand still strengthening, there is a good possibility for prices to rise.”

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