Nov 11, 2008. /Lesprom.com/. Norske Skog, a global newsprint maker based in Norway, said it swung to a net loss in the 3Q as exchange rate shifts slashed value off the sale of two South Korean plants, The Associated Press reported. The net loss was 1.2 billion NOK ($171 million), down from a profit of 695 million NOK ($99 million) a year earlier. The company explained in a news release that the value of the Korean won currency strengthened against the Norwegian krone, meaning the price for two South Korean plants sold during the quarter was about 800 million NOK ($114 million) less than predicted when measured in kroner. Norske Skog sold the mills as part of a drive to reduce both debt and production capacity, due to oversupply in the market. The report said revenues for the July through September quarter were 6.32 billion NOK ($904 million) compared to 6.64 billion NOK ($949 million) a year earlier. It said total interest bearing debt had been reduced by 8% from a year earlier to 12.6 billion NOK ($180 million) for the quarter. "We will continue the work to reduce net debt by focusing on improved cash flow from operations and transactions," said chief executive Christian Rynning-Toennesen. Norske Skog, with 18 mills worldwide, has repeatedly announced production cuts, layoffs and restructuring measures over the past two years as it struggles, like its competitors, to adapt to falling demand and prices coupled with higher costs.