Stora Enso said Thursday its plan to potentially spin off and list its Swedish forest assets is progressing, as the Finnish-Swedish paper and packaging company reported a drop in third-quarter profit.
Adjusted operating profit fell 28% to 126 million euros, which the company attributed to a 45 million euro negative impact from the ramp-up of a new production line in Oulu, Finland.
Sales for the quarter rose 1% to 2.28 billion euros.
The company is continuing a strategic review initiated in June for its remaining 1.2 million hectares of Swedish forest assets, which includes assessing a potential separation and public listing.
"The review aims to evaluate ways to unlock further value for our shareholders and strengthen our focus," President and CEO Hans Sohlström said.
The update follows the completed sale of 175,000 hectares of its Swedish forest land in September for about 900 million euros.
Stora Enso said it expects market demand to remain subdued and challenging, affected by low consumer confidence and heightened macroeconomic uncertainty.
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