UPDATE 1-Brazil's Klabin reports Q3 net income down 88%
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SAO PAULO, Oct 25 (Reuters) - Brazilian pulp and paper company Klabin on Wednesday reported a third-quarter net profit of 245 million reais ($49.07 million), a major 88% decline from the previous year as sales decreased 5% to 967,000 metric tons.
Net revenue in the quarter totaled 4.4 billion reais, Klabin said in a securities filing, a 20% decrease from the previous year although roughly in line with a forecast of 4.38 billion from analysts polled by LSEG.
That revenue decline was driven by lower sales volumes, a drop in prices of kraftliner paper and cellulose, and the strengthening of the Brazilian real against the dollar in the period, Klabin said.
The company noted it looked to ship more to China in the quarter as prices there were higher amid growing demand and falling stocks, but was still affected by lower prices in Europe, where it has larger exposure and economic activity has been weak.
($1 = 4.9924 reais) (Reporting by Gabriel Araujo; Editing by Steven Grattan)
