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.
