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Stora Enso soars into profit in second quarter
Helsinki (AFP) Jul 26, 2006 Finnish forestry group Stora Enso reported on Wednesday a return to profit in the second quarter of the year, after a loss in the same quarter last year that was brought on by six weeks of strikes and a lockout. Stora Enso, one of the world's biggest paper and pulp producers, registered a net profit of 40.9 million euros (51.1 million dollars) in the period, compared to a loss of 8.6 million euros in the corresponding quarter a year earlier. Earnings per share totalled 0.05 euros, above the 0.01-euro loss per share in the second quarter of 2005 but far below the 0.13 euros expected by analysts. As a result, the Stora Enso share price shed 1.40 percent on the Helsinki Stock Exchange on Wednesday, changing hands at 11.28 euros in early afternoon trading. Profit before tax and minority interests rose to 59.9 million euros from a loss of 11.9 million, while sales climbed by 13.4 percent to 3.61 billion euros, above analysts' forecasts of 3.58 billion. Operating profit excluding exceptional items surged to 182 million euros from 17 million a year ago. However, the figure was down by six percent from the first quarter due to a drop in magazine paper deliveries, a strike in Finland that had a negative impact of nine million euros on earnings, and maintenance interruptions that affected production. The group said its cost reduction programme, announced in October 2005 and aimed at saving 300 million euros annually, was ahead of schedule and had already yielded savings of 159 million euros since January. The closure of production lines and factories previously announced was underway, Stora Enso said, and decisions concerning production lines that were placed under observation would be announced in the third quarter. Community Email This Article Comment On This Article Related Links Dirt, rocks and all the stuff we stand on firmly
Historic Dutch-built soccer stadium demolished in Indonesian capital
Jakarta (AFP) Jul 26, 2006 City police in Jakarta began demolishing an historic Dutch-era football stadium Wednesday, sparking protests from lawyers for the Indonesian capital's main football team and squatters at the site. |
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