Timber and wood products giant Stora Enso saw its operating profit plummet by 41.9% in 2003.
It recorded a figure of €538.1m, down €388.4m from 2002. Sales dropped by some €610.3m or 4.8% in 2003 to €12.1bn.
The company’s fourth quarter operating profit was €80.5m, a 42.4% decrease on the previous quarter, while profit before tax was just €7.8m – down from €107.4m. Sales were 1.4% higher than the preceding quarter at €3bn.
Jukka Härmälä, Stora Enso’s chief executive officer, said: “Demand for wood products is fairly good, but prices are under pressure. The weak US dollar and increasing competition will continue to have an adverse effect on the group’s European operations.”
