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Sales in the second quarter of the year totalled € 1,476.5 million, whereas sales for the corresponding period last year were €1,235.2 million. The comparable operating result was €210.1 million as compared to €119.1 in the fiscal 2017.
Demand for pulp remained strong. Compared to the corresponding period last year, the currency-denominated market prices of long-fibre and short-fibre pulp increased 32 per cent and 40 per cent respectively, in the first six months of fiscal 2018.
Metsä Group’s operating result (IFRS) was €412.3 million (253.4). The share of the results of associated companies and joint ventures was €0.8 million (18.9), financial income was €1.3 million (2.6), exchange rate differences in financing were €-4.5 million (-2.6), and financial expenses totaled €41.8 million (35.7). The result before taxes was EUR 368.1 million (236.6), and taxes including changes in deferred tax liabilities totalled €79.1 million (43.8). The Group’s effective tax rate was 21.5 per cent (18.5).
"Metsä Group continued its strong performance in the second quarter. The good result was made possible by the increase in sales volumes and improvement in production efficiency facilitated by our development investments in recent years, combined with favourable global economic development," president and CEO Ilkka Hämälä.
"Metsä Group continues its development phase. In 2018, our investments focus on the wood products industry, and we are also increasing our converting capacity for tissue papers and our production of cooking papers. Established in May, Metsä Spring is an innovation company focusing on the development of new products of the future, as well as strengthening Metsä Group’s position as a company that leads the way in the industry. As a result of the good performance, Metsä Group’s strong balance sheet provides favourable operating conditions, even during any disruption in international trade," explained Hämälä. (RR)
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