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Paper maker Stora Enso in $104 million Q3 profit

Tuesday - 10/23/2012, 11:26am  ET

HELSINKI (AP) - Nordic paper maker Stora Enso Oyj has reported a third-quarter net profit of (EURO)80 million ($104 million) but says it will slash 520 jobs to save (EURO)36 million annually.

The company had a net loss of (EURO)70 million in the same period last year, when it recorded a nonrecurring cost of (EURO)193 million. Revenue in July through September fell slightly to (EURO)2.69 billion from (EURO)2.74 million in the same period in 2011.

The Swedish-Finnish company said Tuesday that it might sell the Corbehem paper mill in France, but gave few details.

The company's share price was up more than 5 percent at (EURO)4.92 in late Helsinki trading.

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