HELSINKI (dpa-AFX) - Stora Enso (SEOAY.PK) reported that its fourth-quarter profit attributable to owners of the parent declined to 240 million euros from 520 million euros in the prior year. Earnings per share decreased by 53.9% to 0.30 euros from 0.66 euros in the prior year. Earnings per share excluding fair valuations increased by 127.5% to 0.09 euros from 0.04 euros last year.
Operating profit (IFRS) decreased to 289 million euros from 680 million euros in the prior year, mainly due to the change in biological asset valuation.
Sales for the quarter decreased by 10.7% to 2.15 billion euros, from last year's 2.41 billion euros, due to structural changes, lower prices and volumes. Sales excluding Paper decreased by 2.5%.
Stora Enso said it resumes an annual outlook even though the uncertainties due to the ongoing pandemic in the global economy are expected to remain in 2021.
Operational EBIT in 2021 is expected to be higher than the 2020 operational EBIT.
Stora Enso will conclude its 400 million euros profit protection program by the end of 2021. The expected fixed and variable cost savings for the year are about 80 million euros. The Group will continue to focus on customer service and cash flow generation in 2021.
The Board of Directors proposes a dividend of 0.30 euros per share. In their proposal, the Board considered the Company's solvency and liquidity
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