The UPM paper firm, one of the UK’s biggest recyclers, has reported a third quarter profit of €33m, up from a €159m loss in the same period last year.
The Finnish company’s Shotton mill in north Wales processes 640,000 tonnes of recovered paper a year and has its own on-site materials recovery facility.
Key figures from UPM’s Q3 interim report include:
- Earnings (EBITDA): Q3 - €305m (Q3 2011 - €331m), Q1-3 – €968m (Q1-3 2011 - €1,082m)
- Net profit: Q3 - €33m (Q3 2011 - €-109m), Q1-3 - €237m (Q1-3 2011 - €355m)
The company reported a lower demand for its paper products in Q3 and lower prices.
The report said: “Global economic growth has slowed down during 2012. The European economy is expected to be in recession in the second half of 2012. There are considerable uncertainties related to both to the European sovereign debt problems and to the growth prospects of the Chinese and other emerging economies.
“In Q4 2012, UPM’s operating profit excluding special items is expected to be about the same or lower than in Q3 2012. Operating profit excluding special items for the full year 2012 is expected to be lower than in 2011. UPM’s cost level is expected to remain stable in Q4 2012 compared with Q3 2012.”