April 23, 2020 / 7:01 AM / a month ago

Finnish paper firm UPM Q1 beats forecasts

HELSINKI, April 23 (Reuters) - Finnish paper and pulp producer UPM reported on Thursday a smaller than expected fall in quarterly profits, saying it saw only a limited impact from the coronavirus pandemic in the first quarter.

UPM’s underlying operating profit (EBITDA) for the January-March quarter fell to 398 million euros ($431 million) from 488 million a year earlier, beating the 346.7 million expected by analysts in a Refinitiv Eikon poll.

At the end of March, UPM scrapped its 2020 outlook due to the significant uncertainty. ($1 = 0.9240 euros) (Reporting by Tarmo Virki and Anne Kauranen; Editing by Toby Chopra)

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