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Portugal's Navigator third quarter profit falls 41% as pandemic hits demand

Portugal's pulp and paper producer Navigator on Tuesday announced a 40.7% drop in net profit in the third quarter to 31.2 million euros amid the tumble in global demand caused by the coronavirus pandemic.

LISBON, Oct 27 (Reuters) - Portugal's pulp and paper producer Navigator NVGR.LS on Tuesday announced a 40.7% drop in net profit in the third quarter to 31.2 million euros amid the tumble in global demand caused by the coronavirus pandemic.

Navigator, which sells over 80% of its production in 130 countries outside Portugal on five continents, saw total sales fall 17.1% to 348.4 million euros between July and September this year.

In the third quarter of 2020, EBITDA - earnings before interest, taxes, depreciation and amortisation - fell 24.6% to 70.4 million euros.

(By Sergio Goncalves, Editing by Victoria Waldersee, Editing by Franklin Paul)

((sergio.goncalves@thomsonreuters.com; +351213509204; Reuters Messaging: sergio.goncalves.reuters.com@reuters.net))

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