Finnish forestry group UPM-Kymmene’s operating profit slumped 47% in the third quarter, hurt by low pulp prices, high wood costs and subdued consumer demand amid global trade tensions. The company reported comparable operating earnings of 153 million euros ($178.4 million) on Wednesday, slightly below the average forecast of 157.7 million euros from analysts polled by LSEG. Its shares fell around 2% in early trading in Helsinki. Nordic forestry companies’ profits have been squeezed by stubbornly high timber prices and low pulp prices in recent quarters. In the UPM Fibres division, low prices of the key paper-making ingredient resulted in significantly lower operating profit compared to last year, CEO Massimo Reynaudo said. “Wood costs reached their highest levels, even though wood market prices started to show the first signs of decline,” he added.