EBITDA totalled Euro 345 million (13.6% of sales), in line with the Euro 344 million (14.2% of sales) in the comparison period. Variable costs decreased, to a large part driven by the Group´s profit improvement programmes.
Operating profit excluding special items increased to Euro 507 million, 20% of sales (235 million, 9.7%).
Profit for 3Q 2015 was Euro 408 million, and earnings per share were Euro 0.77. Earnings per share excluding special items were Euro 0.76.
Jussi Pesonen, President and CEO comments on the results: "UPM's performance continued to improve during the 3Q. This was visible in our earnings, cash flow and balance sheet. The results were boosted by our successful profit improvement programme, which proceeded ahead of schedule. During the 3Q, we achieved 96% of targeted savings.
Most of our businesses enjoyed a positive third quarter. UPM Biorefining performed well on favourable pulp markets and showed good cost efficiency. UPM Energy benefited from a good volume of hydropower, which it was able to leverage on volatile markets. UPM Raflatac continued to improve its performance and was able to respond to market growth with timely growth investments. UPM Plywood continued on a strong path.
UPM Paper ENA improved from the previous quarter thanks to lower costs and seasonally higher volumes. UPM Paper Asia also improved slightly from the 2Q. Both paper businesses continued to be negatively affected by currency hedges”.
Through the renewing of the bio and forest industries, UPM is building a sustainable future across six business areas: UPM Biorefining, UPM Energy, UPM Raflatac, UPM Paper Asia, UPM Paper Europe and North America and UPM Plywood.
