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Stora Enso dips in the red in 2013, blames slow demand

Finnish paper manufacturer Stora Enso on Wednesday announced losses for 2013, blaming falling demand which forced the company to write down assets. The group posted losses of 53 million euros ($71.6 million) compared to a 480 million euro profit a year earlier, due to a 556 million euro depreciation linked to a declining European paper market. However, other Stora Enso assets increased their value, reducing the impact of group's non-recurring items on the operating losses to 392 million euros in the fourth quarter of 2013.

Google to step up investment in Finnish data center, sources say

HELSINKI (Reuters) - Google Inc is set increase its investment in a data centre in eastern Finland, sources familiar with the plan said on Thursday. Google's data centre in Hamina uses a sea water cooling system that was part of an old paper mill which the U.S. company bought from Finnish paper company Stora Enso in 2009. After an initial investment of 200 million euros ($275.65 million), it announced on August 12 an additional 150 million in spending.

Nordic paper maker Stora Enso sees lower third-quarter sales as demand declines in Europe

HELSINKI - Nordic paper maker Stora Enso reported Tuesday a 6 per cent drop in third-quarter sales and predicted business will remain tough as it continues to be hit by the declining market, especially in Europe. The company's share price fell, closing down 3.5 per cent at 6.68 euros on the Helsinki Stock Exchange. Although sales fell to 2.5 billion euros ($3.4 billion), lower costs helped Stora improve net profit slightly, to 84 million euros from 81 million euros a year earlier.

Stora Enso's net profit disappoints in third quarter

Finnish paper manufacturer Stora Enso announced Tuesday a modest increase in net profits and falling net sales in the third quarter of 2013, amid decreasing demand for paper from print media. The company's net profit grew by 2.5 percent to 82 million euros ($112 million) compared to the same period in 2012, whereas sales dropped by 5.1 percent to 2.556 billion euros. Both results fell short of forecasts by analysts interviewed by Dow Jones, who predicted a 2.67 billion euros in sales and a 86.3-million-euro net profit.

Nordic paper maker Stora Enso says third-quarter earnings above expectations

HELSINKI - Nordic paper maker Stora Enso Oyj says its earnings in the third quarter were above expectations thanks to an improvement in the renewable packaging sector, wood supply and investments. It said operation earnings — which exclude one-time costs and taxes — will be 180 million euros ($240 million), above its expectations of about 124 million euros. Stora's share price rose more than 3 per cent to 6.33 euros in afternoon trading in Helsinki.

Stora Enso struggles into profit, eyes China project

Finnish paper maker Stora Enso returned to profit in the second quarter, but the figures it reported on Friday were sharply down on a 12-month basis and fell short of analysts' expectations. Stora Enso is suffering from falling demand from print media in Europe. The company reported net profit for the second quarter of the year of 19 million euros ($25.0 million), showing a fall of 71.0 percent from the equivalent figure last year. Analysts polled by Dow Jones Newswires had expected a net profit of 44.0 million euros.

Paper maker Stora Enso Q2 earnings plunge on weak European paper demand, restructuring

HELSINKI - Stora Enso, Europe's largest paper maker by sales, has reported a 70 per cent plunge in second-quarter earnings to 21 million euros ($27 million) due to sluggish European demand and ongoing restructuring costs. The Helsinki-based company says sales for the period reached 2.7 billion euros, unchanged from a previous earlier. CEO Jouko Karvinen says the results were disappointing but highlighted the company's "solid" performance in its renewable packaging operations.

Stora Enso to cut 2,500 jobs in restructuring plan

Finnish paper and packaging company Stora Enso said on Tuesday it would shed 2,500 jobs, mostly in Finland and Sweden, citing a weak European economy and the company's poor profitability. The cuts were part of a restructuring plan announced in April. "We have to respond to weakness in the European economy, structurally shrinking markets in some of our businesses and our poor profitability," chief executive Jouko Karvinen said in a statement. Sweden will be the most affected with 750 job cuts planned, followed by Finland, where 650 positions will be eliminated.

Nordic paper maker Stora Enso lays off 2,500 personnel worldwide in savings drive

HELSINKI - Nordic paper maker Stora Enso says it will lay off 2,500 workers, or some 9 per cent of its total global workforce, as part of a major cost-cutting program and streamlining of operations. The Finland-based company says the measures are aimed at achieving fixed annual savings of 200 million euros ($265 million) by the second quarter of 2014, announced earlier this year. Some 1,400 layoffs will be in Finland and Sweden, with 850 others in the rest of Europe.

Uruguay's top court throws out tax on big land holdings

MONTEVIDEO, Feb 16 (Reuters) - Uruguay's Supreme Court has thrown out a controversial tax on large land holdings in the South American beef and soy producer, saying on Saturday the levy introduced in 2011 was unconstitutional. Justices thought the new tax overlapped with existing ones collected by local governments, said Raul Oxandabarat, a spokesman for the court.
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