UPM has recorded an operating loss of €159m for the third quarter (2010: €238m profit).
Excluding special items, the group made operating profits of €136m (2010: €204m).
UPM’s forest and timber division posted an operating loss of €5m for the period, the same as a year ago. The division has been loss making throughout 2010 and 2011.
Average sawn timber prices decreased and wood costs were higher than the previous year. Sawn timber deliveries totalled 422,000m³.
The plywood division recorded an operating loss of €8m and sales of €87m (2010: €83m). Losses were due to higher variable and fixed costs, partly offset by the positive impact of higher sales prices.
Demand in the plywood distribution sector increased in the first half but fell in the third quarter. Plywood deliveries were 155,000m³.
