Norske Skog riding high on paper products

Norske Skog, Norway's largest timber products group, reported record pre-tax earnings for the first three quarters of its fiscal year and said its good fortune was expected to continue amid a favourable market for newsprint and magazine paper.

Its earnings of USD 232 million (NOK 2.18 billion) compared with USD 106 million (NOK 1.44 billion) during the same period last year. Part of the revenue jump can be traced to Norske Skog's purchase in March of New Zealand paper manufacturer Fletcher Challenge.