UPM's Q2 profit doubles, beats forecasts

Finnish pulp and paper producer UPM on Thursday posted a bigger-than-expected rise in its second-quarter operating profit as the sector rebounds from the pandemic. Its operating profit rose to 304 million euros from 148 million and beat the 274.5 million mean estimate from eight analysts polled by Refinitiv.

UPM said it expects pulp and graphic paper prices to continue rising and for its 2021 comparable operating profit to be clearly higher than in 2020.