Sales of Stora Enso decreased by 13.5 percent to €2.08 billion ($2.46 billion) in the third quarter of 2020 over the comparable 2019 quarter, due to lower deliveries and prices. The company reported an operating profit of €145 million, down from €170 million in the previous quarter.
“We have delivered a solid result for the quarter and I am satisfied with our performance, considering the unprecedented uncertainty and volatility on markets around the world,” said Stora Enso President and CEO Annica Bresky in the company’s interim report.
“Although we report a decreased operational EBIT of €175 million compared to last year, excluding paper, operational EBIT remained at the same level due to strong results in the packaging materials, wood products and forest divisions.
“The pandemic’s biggest effect continues to be on our paper business. I was very glad to see a return to positive cash flow for the quarter. The market also remains challenging for biomaterials, with low pricing. On a positive note, excluding paper, our operational EBIT margin increased to 11.8 percent, a sign of the resilience of our growth businesses and good cost management.”
Stora Enso has discontinued its quarterly guidance and annual outlook until further notice, due to the uncertainty in the global economy.