For the year, it recorded €513m ($A1.01bn) in operating profit excluding special items, compared with €835m ($A1.65bn) in 2007.

The loss in the fourth quarter was related to writedowns in the company’s wood division.

The company warned last year that it expected delivery volumes to decrease in all of its businesses, and as a result it has cut production across many of its sites.

Read the original article at www.printweek.com.

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