UPM-Kymmene: Turnover up by a further 10% by end of March

The Finnish timber and paper group UPM-Kymmene increased its turnover again by 10% in the first quarter of 2012 to €2.591bn following a 13% increase in overall turnover in 2011. The increase was due principally to the acquisition of Myllykoski in August 2011. Furthermore, according to in-company information, an increase in sales volume also contributed to the higher turnover. The key results figures nevertheless remained at a lower level than the previous year. In this context, according to UPM, lower prices for pulp and a decline in paper sales had a particularly negative effect. The group EBITDA dropped by 8% to €347m, operating profit at €155m was down on last year’s figure by as much as 22%. The net result amounted to €117m.