Sharp fall for UPM’s profits in Q3/2020
Finnish forestry product giant UPM reported a larger than anticipated drop in profits in its third quarter. The company said its profits fell to 215 million euros during Q3, compared with 342 million in profit a year ago. Net sales decreased by 19 percent to two billion euros, due to a decline in deliveries of paper as well as lower pulp and paper prices. Jussi Pesonen, UPM's president and CEO, said the company's performance was satisfactory in light of the coronavirus crisis. "During Q3 we delivered on many fronts: performance, cost reduction ...
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