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Stora Enso achieved sales of almost EUR 5.1 billion in the first half of the year, 13% less than in the first half of 2022.<\/span><\/p>\n The operating result (EBIT) of the entire group was EUR 271 million, 73% lower than in the same period of the previous year.<\/p>\n The net result is given as EUR -72 million.\u00a0In the first half of 2022, a result of EUR +586 million was posted.<\/p>\n The \u201cWood Products\u201d (solid wood) division reports a 26% drop in sales for the first six months.\u00a0The operating result of this division is given as EUR -16 million - after EUR +252 million in the first half of 2022. The quantity of goods delivered (mainly softwood) for this division is EUR 2.0 million.<\/p>\n Overall,\u00a0Stora Enso's profit in April-July 2023 was EUR 37 million, while its profit in the same period last year was EUR 505 million.\u00a0More than 90 percent of the drop accumulated.<\/p>\n Turnover also decreased by about a fifth to 2.4 billion euros.<\/p>\n \"Weak market demand faded even more in the second quarter.\u00a0Inflation and the consumer cost of living crisis, the contraction of construction and customers who are still destocking have a direct impact on our business areas.\u00a0Unfortunately, we don't see any signs of demand improving in the market\", stated CEO\u00a0Annica Bresky\u00a0in the results announcement.<\/p>\n The results release states that the wood market is still scarce due to the increase in the consumption of energy wood and the lack of wood imported from Russia.\u00a0Stora Enso estimates that this affects both margins and the weakening of competitiveness, especially at Stora Enso's factories in Finland.<\/p>\n \"Some of the raw material costs have already reached their peak, but the prices of most raw materials, such as wood and chemicals, were still high compared to the previous level,\" says Bresky.<\/p>","protected":false},"excerpt":{"rendered":" Stora Enso achieved sales of almost EUR 5.1 billion in the first half of the year, 13% less than in the first half of 2022. The operating result (EBIT) of the entire group was EUR 271 million, 73% lower than … Continue reading