Paper manufacturer Stora Enso has push the exchange rate in 1st Qtr

Stora Enso, the second largest manufacturer of paper for printing, had a jump in quarterly profit, citing exchange gains and cost cuts. The Finnish company said that its operating profit excluding non-recurring items grew 21 percent, to 220 million euros ($ 238 million). The net foreign exchange gain amounted to 64 million euros, mainly due to the stronger dollar which boosted profits from the sale of pulp and cardboard for packaging in Asia.
The company said adjusted operating profit expected in the second quarter to be in line with the first quarter, once maintenance work on facilities will reduce quarterly growth. "If the second quarter be stable compared to the first, it creates a certain pressure for the second half of the year. The fourth quarter is the weakest for them, "said an analyst at brokerage Evli Markku Jarvinen. Before the disclosure, analysts polled by Reuters had projected high of 10% in adjusted operating profit of Stora in 2015.