Stora Enso’s operating profit excluding non-recurring items for the second quarter of 2008 is expected to be about half the EUR 223 million achieved in the same period of 2007. The main reasons for the year-on-year decrease are the continued poor performance of the Wood Products business area, higher pulpwood costs, impacts from escalating oil prices, negative foreign exchange movements, and the effects of maintenance and technical stoppages during the second quarter of 2008.
After three quarters of deteriorating performance, combined with the uncertain macroeconomic outlook, Stora Enso is reviewing its plans for production curtailments in the second half of 2008 as well as permanent capacity reductions.
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