UPM-Kymmene expects financial result for Q1 to be halved

Archive 4.4.2003 0:00 EEST

UPM-Kymmene expects its financial result for the first quarter to be half of last year's corresponding result. The decline is due to a significant fall in printing paper prices and to the weakening of the US dollar by approx. 20 per cent compared with the first quarter of last year.

The market has developed as envisaged in the near-term outlook published at the end of January. Demand for the company's main products in Europe has continued to be weak and production has been adjusted to correspond with demand. The deliveries have remained at last year's level. Due to the ongoing war, the market outlook remains uncertain.

UPM-Kymmene will release its financial result for Q1 on 23 April 2003.

For additional information please contact:
Kari Toikka, Executive Vice President and CFO, UPM-Kymmene, tel. +358 (0)204 15 0014
Olavi Kauppila, Senior Vice President, Investor Relations, UPM-Kymmene, tel. +358 (0)204 15 0658

UPM-Kymmene Corporation
Corporate Communications
April 4, 2003