Nordic Business Report-March 7, 2006-UPM-Kymmene Corporation issues profit warning
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The Finnish forest industry group UPM-Kymmene Corporation issued a profit warning on Monday (3 July), saying that its second quarter result will be impacted by non-recurring costs and changes in the value of forest assets. UPM-Kymmene said that its ongoing profitability programme will burden its result by EUR123m, in addition to which it will also book impairment charges of EUR130m relating to the closure of Voikkaa paper mill and a value reduction of EUR110m relating to its forest assets in Finland. One euro (EUR) is worth approximately 0.69 British pounds (GBP).
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