Investment | The shares of forest companies sink on the Helsinki stock exchange

Thursday shares of forest companies that reported their results at the end of the year are falling sharply on the Helsinki stock exchange.

At 12:45 p.m., the share of the forest company UPM-Kymmene fell the fastest, which had fallen by about nine percent.

At the same time, the stock exchange's general index OMXH was down about 0.6 percent.

In October–December, UPM's net sales fell by 22 percent to 2,531 million euros. Comparable operating profit also halved to 323 million euros, but its share of turnover was still at a good level of 12.8 percent.

Also Stora Enso's R share had fallen by almost four percent.

In the last quarter of the year, Stora Enso's reported operating profit fell by no less than 326 million euros. Turnover fell by 24 percent to 2,174 million euros.

Stora Enso also said on Thursday that it will start a major savings program to turn around its weak results. The goal is to obtain savings of approximately 80 million euros and reduce approximately 1,000 jobs.

In addition to UPM and Stora Enso, Metsä Board's share had also fallen by nearly four percent.