Stora Enso's 2008 Business Results Affected By Production Curtailments

摘要

Annual business results of Stora Enso show the impact of the production curtailments which the company undertook last year in the face of a difficult economy and poor markets as well as the effects of unfavourable exchange rate developments and a notable drop in deliveries and prices in some of its business divisions. The company posted an operating loss of €726.6m and a net loss of €679m against sales of about €11.0bn for 2008. In 2007 Stora Enso had registered an operating profit of €176.9m and a net profit of €12.8m against sales of €11.8bn. Stora Enso's CEO Jouko Karvinen described the business results for last year as "very, very weak". The drop in demand in the fourth quarter of 2008 had been as severe as expected, Karvinen added.