UPM has recorded an operating loss of €159m for Q3 (2010: €238m profit).

Excluding special items, the group made operating profits of €136m (2010: €204m).

The plywood division recorded an operating loss of €8m and sales of €87m (2010: €83m). Losses were due to higher variable and fixed costs, partly offset by the positive impact of higher sales prices.

Demand in the plywood distribution sector increased in the first half but fell in the third quarter. Plywood deliveries were 155,000m³.