UPM-Kymmene Oyj (RPL.F), a Finnish forest industry company, Tuesday reported profit before tax of 28 million euros for the second quarter, significantly lower than 96 million euros in the same quarter last year.
"Our Q2 performance was held back by an exceptional amount of maintenance at our pulp mills and nuclear power plant units. The shutdowns were successful, and our assets are now in an excellent position to serve our customers in the second half of the year, operating at full capacity," Massimo Reynaudo, President and CEO commented on the results.
The company posted comparable profit before tax of 163 million euros, higher than 101 million euros a year ago.
Operating profit decreased to 50 million euros from 108 million euros in the prior year.
Comparable EBIT or earnings before interest and taxes rose 60 percent to 182 million euros from 114 million euros last year.
Net profit declined to 33 million euros or 0.05 euros per share from 77 million euros or 0.15 per share in the previous year.
Comparable profit rose to 131 million euros or 0.23 euros per share from 77 million euros or 0.15 euros per share last year.
Sales for the quarter grew to 2.546 billion euros from 2.558 billion euros in the previous year.
Looking ahead, UPM expects full-year comparable EBIT to increase from 2023. In the second half, comparable EBIT is expected to be higher than the first half.
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