Portuguese paper and pulp maker Portucel's first quarter net profit remained flat at 39.4 million euros and in line with analysts' estimates.

 

Portugal's largest paper and pulp maker posted a 7.5 percent rise in revenues to 300.6 million euros while earnings before, taxes, depreciation and amortization (EBITDA) dropped 9.7 percent to 78.1 million euros. This fall in was largely due to increases in the price of timber and chemicals used in production. The increase in the import of timber and the transport cost involved also added to rising costs.