logo
Plus   Neg
Share
Email

Stora Enso Q2 Net Profit Drops

Stora Enso Oyj (SEOAY.PK), a Finnish pulp and paper manufacturer, reported that its second-quarter net profit dropped to 52 million euros from 213 million euros last year. Earnings per share decreased to 0.08 euros from 0.28 euros in the prior year.

Earnings per share excluding IAC declined to 0.22 euros from 0.31 euros in the previous year.

Sales decreased by 2.1% to 2.608 billion euros from 2.664 billion euros last year.

For the third-quarter, the company expects operational EBIT to be in the range of 200 million euros - 280 million euros. During the third quarter, there will be annual maintenance shutdown at the Beihai, Imatra, Heinola, Ostroleka, Enocell and Veitsiluoto mills. It is expected that the total maintenance impact will be on the same level as in third-quarter of 2018 and 30 million euros more than in the third-quarter of 2019.

Separately, Stora Enso noted that it is investing 10 million euros to build a pilot facility for producing bio-based carbon materials based on lignin. Wood-based carbon can be utilised as a crucial component in batteries typically used in consumer electronics, the automotive industry and large-scale energy storage systems. The pilot plant will be located at Stora Enso's Sunila Mill in Finland.

In a separate press release, Stora Enso said it initiated feasibility studies for a possible cross laminated timber unit in connection with its Ždírec mill in the Czech Republic and a new construction beam unit to be located at the Ybbs mill in Austria.

Stora Enso also plans to consolidate production to increase focus on efficiency and to streamline the asset base.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The University of Phoenix has agreed to pay a record $191 million to settle Federal Trade Commission charges alleging that the university used deceptive advertisements. According to the FTC, the university used deceptive advertisements that falsely touted their relationships and job opportunities... General Motors introduced new versions of its Chevrolet Tahoe and Suburban full-size SUVs that are bigger than previous models, offer more interior space and feature more advanced technology. The new vehicles join the new Silverado and Silverado HD as part of a complete redesign of Chevrolet's full-size truck and SUV lineup within 24 months. They will go on sale in mid-2020 in North America. Apple unveiled a new feature for the Apple Card, enabling cardholders to buy a new iPhone in 24 monthly installments without paying interest. In October, during Apple's earnings call, CEO Tim Cook had announced the tech giant's plans to introduce this feature. The Apple Card, Apple's first credit card, was introduced by the tech giant in March in partnership with Goldman Sachs and Mastercard.
Follow RTT
>