Finland's Stora Enso Q3 Profit Drops Less Than Expected

By Dayeeta Das
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Finland's Stora Enso Q3 Profit Drops Less Than Expected

Finnish forestry firm Stora Enso reported a smaller-than-expected drop in underlying July to September profit, citing a challenging business environment but minimal COVID-19 impact on its ability to serve customers and run operations.

The pulp, paper and packaging-board maker said quarterly adjusted earnings before interest, taxes, depreciation and amortization fell to €330 million ($388.5 million) from €397 million a year earlier, beating the average forecast of €288.8 million in a Refinitiv analyst poll.

Sales dropped 13.5% to €2.08 billion, due to lower deliveries and prices and the company said it would lift its cost cut target to €400 million from €350 million by the end of 2021 in order to protect earnings.

"The pandemic's biggest effect continues to be on our paper business," Stora Enso chief executive Annica Bresky said.

News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.

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