Stora Enso Posts Q3 Profit, Plans To Cut 520 Jobs

Stora Enso Oyj SEOAY reported a profit in the third quarter and announced its plans to lower 520 jobs. Stora Enso posted a quarterly net profit of EUR80 million, versus a year-ago loss of EUR49.9 million. However, analysts were expecting a net profit of EUR83 million. Its net sales fell to EUR2.69 billion from EUR2.74 billion, while operating profit dropped to EUR161.3 million from EUR178.6 million. However, analysts were expecting operating profit of EUR147.3 million. Stora Enso shares closed at $6.06 yesterday.