M-real Group blames the drop in its operating profit for 2003 – to €88.5M from €336.3M in the previous year – on the fall in the selling price of paper and the strengthening in the euro. Result for the financial year was a net loss of €95M on a turnover of €6,044.1M.

“There are some signs of improved economic growth, but they are not yet feeding through into demand for paper and paperboard,” says ceo Jouko M Jaakkola. “The €295M savings programmes were seen to completion for the most part by the end of the year. A good third of the savings will nevertheless not be realized until the market situation improves. It is estimated that savings of about €40M will be realized during 2004.”



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