Oct 29, 2009. /Lesprom Network/. UPM reports a profit before tax of Euro 64 million for the 3Q, compared to a loss of -26 million the previous quarter and a loss of Euro -90 million the 3Q last year. UPM's net sales for the 3Q amounts to Euro 1.9 billion, which is almost one fifth less than the net sales in the 3Q 2008. Earnings per share for 3Q were Euro 0.08 (-0.17), and excluding special items Euro 0.14 (0.25). Strong cash flow due to continued actions to preserve cash has resulted in a reduction in net debt of Euro 721 million from last year. Jussi Pesonen, UPM’s CEO, comments: "Slow economic activity continued during 3Q, but demand started to bottom out in most of our businesses. Our operating profit improved, and the EBITDA margin for the 3Q was 17.5%." "In times like these, this is a good achievement," Pesonen adds. "In Paper, we reported a good result, considering the extremely tough circumstances. In Europe, we adjusted production to weak demand and saved costs without losing production efficiency. In China, where we are the market leader in uncoated wood-free grades, we have continued to experience strong demand and a good pricing environment," Jussi Pesonen continues, adding: "Even in tough times, we have never stopped thinking about our future opportunities. We were the first company in our industry to start the transformation. We defined a new vision and business strategy and reorganised ourselves accordingly."