UPM-Kymmene has posted an "unsatisfactory" profit for its Q3, due to pricing pressures, but a marked improvement on its Q3 of 2003.
Net profit for the quarter was at 1168 million ($215 million), up from 157 million in the same period in 2003. But the figure was down from Q2 of 2004, which posted a net profit of 1297 million.
Sales during Q3 stood at 12.449 billion, up from 12.4 billion in Q3 of 2003, but down from 12.497 in Q2 of 2004. President and CEO Jussi Pesonen said: "Because of low prices and cost pressures, profitability was again unsatisfactory, but improved year-on-year."
In separate news, UPM-Kymmene has signed a deal with Aranna Oy under which UPM will acquire Aranna’s wood procurement operations in Russia, which import wood from Finland.