The Finnish-Swedish skogsindustrijätten Stora Enso achieved a substantial vinstfall and the stock plummets.
pre-tax Profit landed at eur 76 million, equivalent to approximately 720 billion, for the fourth quarter. It can be compared with the profit of 360 million euro in the corresponding period in 2015.
The adjusted profit was approximately eur 20 million worse than expected and the stock plummets by around eight per cent right after the report was released.
net Sales fell by two per cent to 2 eur 438 million.
the Board of directors proposes a dividend to the shareholders is raised by 0.04 eur to 0.37 euros per share.
In a forecast, the management forecasts with approximately the same turnover and operating result of 191 million euros in the fourth quarter. In the report write the management of the company is also launching a vinstförbättringsprogram to reduce costs by eur 50 million annually.