UPM's profit up from previous quarter but down from year ago

UPM's net sales in the first quarter were

2,591 million Euros, compared with

2,686 million Euros in the previous quarter and

2,356 million Euros in the first quarter of 2011. The operating profit was

155 million Euros.Net profit for the period was

117 million Euros, compared with

102 million in the previous quarter and 169 million Euros in the first quarter of 2011.Earnings per share were

0.22 Euros (0.33 tha corresponding period last year)."Despite the seasonally weak first quarter, we managed to improve the profitability of our operations from the level of the second half of 2011. By decreasing costs and maintaining stable pricing across UPM businesses we were able to improve our performance. We were also able to maintain a solid cash flow throughout the quarter," said Jussi Pesonen, CEO of UPM.