23 March 2006 – Helsinki (FIN): Speaking at the company’s AGM, Jussi Pesonen, CEO of UPM said the company expected profitability to rise in 2006, but it didn’t expect the results from its turnaround plan to have an effect till next year.
"We expect our profitability to be better this year than last," said Pesonon. "However, after four consecutive unsatisfactory years our starting level is low. The profitability measures taken earlier have not resulted in a turnaround. All we have managed to do is to compensate for the sharp increase in costs. The programme to improve UPM’s profitability announced recently will be reflected in the company’s result in 2007."