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  2. stora enso back in profit with shift from news to food

stora enso back in profit with shift from news to food

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By admin on Thu, 02/05/2015 - 09:10

finnish paper manufacturer stora enso announced wednesday a return to profit as the group shifted from declining printing paper sales to food packaging.the group made a profit of 99 million euros 113 million in 2014 compared to a loss of 53 million euros a year earlier despite a 3 percent fall in turnover to 10.21 billion euros.faced with declining demand for paper in europe as the newspaper industry moves online, stora enso has cut costs by closing paper facilities in finland and france and sought to diversify into renewable food packaging and woodbased products for construction.printing paper sales fell by 9 percent from 2013 to 3.9 billion euros in 2014, while sales of renewable packaging, the group&39s second most important business, grew by 2 percent 3.3 billion euros.&quotour sales increased by 1.4 percent compared to the fourth quarter of 2013, excluding the structurally declining paper business and divested businesses,&quot stora enso&39s chief executive karlhenrik sundstroem said in a statement, adding that new growth areas for pulp paper products now account for 62 percent of sales.rtcbwtsrl&nbsp

httpwww.globalpost.comdispatchnewsafp150204storaensobackprofitshiftnewsfood
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