Stora Enso's quarterly profit slumps as weak demand persists

Adds CEO comment, details on results, comparison

July 21 (Reuters) - Finnish forestry firm Stora Enso STERV.HE reported second-quarter core profit well below market expectations on Friday, citing worsening demand across its businesses.

"Unfortunately, we see no imminent signs of improved market demand and we expect destocking to persist for most of our segments also in the second half of 2023," CEO Annica Bresky said in a statement.

The company posted quarterly operational profit of 35 million euros ($39 million), missing the 141 million euros seen in a Refinitiv poll of analysts.

This was a 93% slump from the 505 million euros Stora Enso had booked for the same period in 2022, when it had benefitted from strong demand for package material.

(Reporting by Boleslaw Lasocki in Gdansk; Editing by Milla Nissi)

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