Aug 09, 2012. /Lesprom Network/. Metsa Group’s sales in January–June 2012 totalled Euro 2,531 million compared to Euro 2,806 million in 1H 2011. Operating result excluding non-recurring items was Euro 114 million, or 4.5% of sales, as the company said in the press release received by Lesprom Network. The weaker operating result was largely due to the drop in pulp prices, annual maintenance shutdowns at pulp mills and lower delivery volumes of board. The decrease in losses from closed and restructured units and the strengthening of the US dollar and pound sterling had a positive effect on the result. 2Q operating result excluding non-recurring items totalled Euro 62 million. Compared with the previous quarter, the most significant improvements in the operating result were seen in Metsa Board, Euro 14 million, and Metsa Wood, Euro 8 million. On the other hand, Metsa Fibre’s operating result fell by Euro 8 million and Metsa Tissue’s by Euro 3 million. Net non-recurring items in the 2Q totalled Euro -1 million. Net non-recurring items in January–June amounted to Euro -9 million, of which income accounted for Euro 6 million and expenses for Euro 15 million. Of the non-recurring income, about Euro 4 million was related to a property sale and Euro 2 million to selling Kaskinen pulp mill’s bark and oil boilers in Finland. The most significant non-recurring costs were the Euro 12 million cost provision related to land cleaning costs in Tampere and Nurmes in Finland and a Euro 2 million cost provision related to the closure of the Alizay paper mill in France. Operating result including non-recurring items was Euro 105 million in January–June 2012. The share of results in associated companies was Euro 4 million, financial income was Euro 11 million and financial expenses were Euro 59 million. Financial income includes a Euro 8 million dividend from Pohjolan Voima Oy. Financial expenses include Euro 10 million of valuation gains on interest rate hedges (-1). EUR 8 million of the gain has resulted from the ending of fair value hedge accounting, after a US dollar-based loan of about Euro 100 million and the associated currency and interest rate swaps expired in June. Financial expenses in the reference period include dividends of approximately Euro 9 million paid on Metsa Fibre's shares under the redemption obligation. Result before taxes for the period under review was Euro 61 million and taxes were Euro 25 million. Net result for the period was Euro 36 million. Excluding non-recurring items, the Group's return on capital employed was 6.4% and the return on equity was 5.5%. Including non-recurring items, the return on capital employed was 6% and return on equity was 4.3%. Metsa Group produces high-quality products mainly from renewable Nordic wood. The Group’s business areas are tissue and cooking papers, board and paper, pulp, wood products as well as wood supply.