International Paper Income Plunges 47%
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International Paper said weak pricing, lower volume and the strong dollar were responsible for a 47.5% profit decline in the second quarter compared to year-earlier results.
The company reported net income of $35.2 million for the three months ended June 30, down from $67 million reported a year earlier. Revenue held steady at $1.2 billion, unchanged from the April-June period in 1984.
For the first six months of the year, earnings fell 41% to $72.3 million from $122.3 million a year earlier. Revenue slipped 4% to $2.3 billion from $2.4 billion.
The first-half 1984 results included a $16.8-million pretax gain in the first quarter from the sale of land in northern Maine.
John Georges, chairman and chief executive, said in a statement that a modernization project at the company’s Mobile, Ala., facility should help cut costs.
He also said there has been a reduction in the company’s work force, with about 1,000 salaried employees participating in a voluntary retirement program. International Paper overall employs about 32,000 people.
For detailed data and results of other companies, please see tables, Page 14.
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