Aug 05, 2009. /Lesprom Network/. UPM has posted pre-tax losses of Eur 26 million for the second quarter, TTJ reported. The company’s result compares with Eur 115 million profits a year ago. For the first half, losses totalled Eur 188 million, while sales reached Eur 3.69 billion (2008: Eur 4.7 billion). UPM’s forest and timber division recorded an operating loss of Eur 18 million on Eur 309 million sales in the second quarter. Sawn timber deliveries dropped 42% to 366,000 cubic meters, compared to a year ago. Profitability weakened from last year due to an average 16% lower price of delivered timber, as well as the lower volumes of deliveries. The plywood division experienced a quarterly operating loss of Eur 10 million (2008: Eur 19 million profits) from sales of Eur 77 million (2008: Eur 150 million). Plywood deliveries declined 38% to 141,000 cubic meters (2008: 227,000 cubic meters).