Stora Enso Oyj (SEOAY.PK) Monday reported a fall in its profit for the second quarter. Sales for the period declined.
The company's profit for the period dropped to 1 million euros or break even share from 21 million euros or 0.02 euros per share last year.
The group recorded non-recurring items or NRI with a negative net impact of about 106 million euros on operating profit and a positive impact of nearly 1 million euros on income tax in its second quarter results.
Earnings per share, excluding NRI, rose to 0.13 euros from 0.05 euros last year. Cash earnings per share, excluding NRI, was 0.30 euros versus 0.25 euros in the year-ago quarter.
Operational EBIT for the quarter rose to 209 million euros from 124 million euros, due to lower fixed and variable costs.
Sales for the quarter was down to 2.57 billion euros from 2.72 billion euros a year ago, partly due to structural decline in demand for paper.
Data for the comparative periods in 2013 have been restated following adoption of the new IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities standards.
Looking ahead, for the third quarter, the company expects sales to be roughly similar to the 2.57 billion euros and operational EBIT similar to or slightly lower than the 209 million euros in the second quarter of 2014. The maintenance impact in the third quarter is expected to be nearly 30 million euros higher than in the second quarter.
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