Stora Enso reports Q3 net loss

25 October 2011 (Last Updated October 25th, 2011 03:30)

Finnish pulp and paper manufacturer Stora Enso has reported a net loss of €5m ($70.7) for the third quarter of 2011, a result of high costs and negative exchange rates.

Finnish pulp and paper manufacturer Stora Enso has reported a net loss of €5m ($70.7) for the third quarter of 2011, a result of high costs and negative exchange rates.

The company's revenue increased by 4% compared with the same period last year, rising from €2.6bn to €2.74bn.

Earnings before interest, taxes, depreciation and amortisation for the quarter stood at €339.2m, compared with €365.8m a year ago.

Stora Enso completed the acquisition of Inpac, Montes del Plata project and invested in containerboard Poland as planned.

The group expects its cost inflation excluding internal actions to remain unchanged at approximately 4% for full year 2011.