UPM first quarter profits more than double28 April 2011
Higher sales prices and delivery volumes led to UPM’s pre-tax profits more than doubling in the first quarter, the company has announced.
UPM’s pre-tax profits were €195m for the period (2010: €82m), while sales grew to €2.3bn (2010: €2bn).
President and CEO Jussi Pesonen said the group was finally seeing a market pick up, “even in our plywood business”.
UPM predicts its operating profits to be “clearly higher” in the first half, compared to a year ago, while favourable delivery volumes seen in the first quarter are expected to continue.
“The cost of wood material is expected to be stable at the level seen in the first quarter and latter part of 2010,” it said.