UPM-Kymmene has reported a first-quarter net loss of 158 million euros as demand for all paper grades fell. Revenue in January through March fell 23 percent to 1.85 billion euros, from 2.4 billion euros a year earlier.
"Profitability declined clearly from the same period last year. The main reason for the weaker profitability was significantly lower deliveries in most of UPM's business areas," the company said.
UPM forecasts that paper deliveries in 2009 will be "markedly lower" than in 2008, and cautioned that it would reduce production.