UPM issues profits warning

UPM has issued a profits warning in advance of its third-quarter results.

The company said the higher cost of wood and a strengthened euro meant its third-quarter operating profits excluding special items would be “somewhat below” the 2006 level.

However, the group said group operating profit for the full year was forecast to exceed 2006.

UPM will publish its January-September interim report on October 20 at noon.