Norske Skog expects Q1 results below Q4 but up yr-on-yr
Apr 22, 2009. Norwegian paper maker Norske Skog said its results would be substantially weaker quarter-on-quarter but better than in the first three months of 2008.
Apr 22, 2009. /Lesprom Network/. Norske Skog expects its result for the 1Q of the year to be lower than anticipated, as Papernet informed Lesprom Network.
Demand has been weak in the beginning of 2009, which is, according to Norske Skog, linked to reduced customer inventories. Norske Skog has addressed this situation by implementing extensive downtime at several plants. This is the primary reason for the substantially weaker result, compared with the 4Q 2008, Norske Skog writes in a press release. However, the result remains somewhat better than the 1Q 2008.
Norske Skog's gross operating profit the 4Q of 2008 was NOK 922 million ($146 million), and the result for the 1Q 2008 was NOK 634 million ($94 million).