Paper maker UPM misses expectations in Q3 on weak Europe margins
HELSINKI Oct 25 (Reuters) - Finnish forestry group UPM-Kymmene reported a smaller-than-expected quarterly profit, due to weak margins in its European paper business.
Its underlying operating profit in the third quarter fell 10 percent from a year ago to 122 million euros ($158 million), missing all analysts' forecasts which averaged 137 million euros in a Reuters poll.
UPM, the world's biggest producer of graphic papers, also repeated it expected its full-year core operating profit to fall from 2011. ($1 = 0.7711 euros)
(Reporting By Jussi Rosendahl; Editing by Ritsuko Ando)
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