Stora Enso's profit falls below the expected

SÃO PAULO-Stora Enso, one of the largest producers of pulp and paper in Europe, ended the second quarter with net profit of 21 million euros. In addition to the recoil of 69.6% as compared to the same period last year, the last line of the balance sheet was well below the expectations of some analysts, who had predicted a total of 43.6 million euros.
Net revenue reached 2.72 billion euros in the three months ending in June, practically in line with the market forecast of 2.7 billion euros, and with the same period in 2012.
The operating profit of 124 million euros exceeded estimates of 122.6 million euros, despite the decline of 14% annual. According to the company, the lowest prices in local currencies and lower volumes detracted from performance.