UPM delivers lower than expected profits for 2008
Posted on January 27th, 2009
UPM has reported an operating loss excluding special items for the fourth quarter of 2008 of EU46 million, which includes a write down of wood inventory. Operating profit excluding special items for the year 2008 was EU513 million against EU835 million the year before.In December 2008, UPM estimated its deliveries to decrease in all of its businesses more than anticipated. In addition to low delivery volumes the company cut production in order to lower inventories. Cost efficiency of production decreased during the last quarter.
UPM will publish the Financial Review for the year 2008 on February 5.