Norske Skog reports net loss of NOK 1.1 billion ($170 million) in 1Q

   Moscow. May 07, 2009. /Lesprom Network/. Newsprint producer Norske Skog's earnings for the 1Q 2009 are considerably lower than the earnings in the 4Q 2008, but still somewhat better than for the 1Q 2008, company said in a statement received by Lesprom Network.

Norske Skog reports a net loss of NOK 1.1 billion ($170 million) in the 1Q, against a loss of 0.9 billion ($139 million) in the same quarter of last year.

The company says the result is significantly negatively impacted by the sharp drop in global demand for newsprint and magazine paper, and that further cuts will be needed.

The total production volume in the 1Q of this year was reduced by 15% compared with the 4Q 2008.