Helsinki - Finnish paper and forestry group Stora Enso on Monday said its operating profit has been lowered for fourth-quarter
2008, citing the impact of inventory write-downs and production cuts.
The group said preliminary estimates put the write-down at 670 million euros (881 million dollars).
Full details were due in connection with the full-year report next month.
During the fourth quarter, Stora Enso reduced paper and board production by some 15 per cent - or about 490,000 tons.
Pulp production was cut by about 20 per cent and sawnwood production was reduced by 30 per cent of capacity, the group said in a statement.