US-based paper and packaging company International Paper (IP) has reported operating profits of $571m for the third quarter of 2011, an increase from $752m in the same period in the previous year.

In addition, Industrial Packaging segment’s sequential earnings increased to $301m from $269m in the second quarter of 2011.

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The results were hurt by a decline in net sales to $6.6bn compared to $6.7bn year-on-year.

Consumer Packaging segment of the firm reported operating profit of $103m versus $98m in the second quarter of 2011.

IP’s North American distribution business, Xpedx, reported operating profits of $27m, up from $14m in the second quarter of 2011.

 

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