UPM profit falls sharply in Q2/2020
Finnish forestry giant UPM reported a smaller-than-expected fall in quarterly profits, saying lockdowns hit paper demand and prices. UPM’s earnings before interest, tax, depreciation and amortisation (EBITDA) for the April-June quarter fell to 320 million euros ($371 million) from 466 million a year earlier. “The lockdown of businesses, offices and schools caused a drastic decline in printed advertising and use of office papers,” Chief Executive Jussi Pesonen said in a statement. “Demand for graphic papers seriously suffered as a result of lockdowns, whereas labels and speciality papers saw strong demand ...
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