Tue, 25 Jan 2022

HELSINKI, Oct. 20 (Xinhua) -- The Helsinki-based forest products company Stora Enso's operational earnings rose to 410 million euros (478 million U.S. dollars) before interest and taxes (EBIT) in July-September, up from 175 million euros a year ago. Net sales increased by 23.9 percent to 2577 million euros.

"I am delighted to see us deliver yet another robust quarterly performance," said CEO Annica Bresky in a press release on Wednesday.

The company said that the improvement in earnings is due to higher prices, and higher sales volumes. Net sales of packaging materials and wood products units reached an all-time high.

Stora Enso announced plans to invest 97 million euros in expanding cardboard production in Skoghall in Sweden. It will also begin investigating the feasibility of converting a paper production line in Oulu, Finland, into a cardboard production line. Bresky said there had been strong growth in packaging needs.

Regarding sustainability, Stora Enso made a commitment to using "100 percent regenerative solutions" by 2050.

"This means that we are shifting our focus from just minimizing environmental impact, towards a net-positive contribution to climate change mitigation, materials circularity, and nature restoration," she said.

Stora Enso kept its prognosis unchanged. The results for the whole of 2021 will be higher than in 2020. (1 euro = 1.17 U.S. dollars)

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