Finnforest‘s parent company Metsäliitto Group has amended its 2008 profits forecast due to the poor market situation and high production costs.
The company’s stock market announcement said its operating profit excluding non-recurring items for 2008 would fall short of its 2007 profits.
Metsäliitto said its financials were being depressed by higher than expected production costs, as well as the continuously weakening US dollar and UK pound and the poor sawn timber market.
An earlier statement had predicted 2008 operating profits would exceed 2007.
For more second quarter results, see the next issue of TTJ.
