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Business

Finland’s Stora Enso Q1 profit beats forecasts

Finland's Stora Enso Q1 profit beats forecasts

HELSINKI (Reuters) -Finnish forestry firm Stora Enso reported on Friday a stronger-than-expected first-quarter operating profit, and said its full-year core result for 2021 remained on track to exceed last year’s earnings.

The pulp, paper and cardboard maker said its operating profit rose to 328 million euros ($394 million) from 180 million a year earlier, beating the 251.4 million mean estimate of nine analysts polled by Refinitiv.

Stora said it had completed the key revamp project at Oulu Mill and the mill would reach break-even in the third quarter, two quarters ahead of earlier estimate, thanks to successful ramp-up and good market conditions.

The company said it would discontinue producing dissolving pulp – a small business for the group – this year and convert its Enocell mill in eastern Finland to produce other pulp grades.

Earlier this week, Stora cited falling paper demand in Europe and said it would close two paper mills, one in Finland with 670 employees and the other in Sweden with 440 employees.

The firm said the closures would cut its annual paper sales by around 600 million euros, while operating profit (EBITDA) would improve by approximately 35 million euros annually.

($1 = 0.8315 euros)

(Reporting by Essi Lehto; Editing by Clarence Fernandez and Subhranshu Sahu)

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