International Paper recorded Ilim joint venture equity earnings of $50 million in 1Q
2 May 2017
International Paper recorded Ilim joint venture equity earnings of $50 million in the 1Q 2017, compared with $45 million in the 4Q 2016. Operationally, sales volumes were seasonally lower, but average sales prices increased, as the company said in the press release received by Lesprom Network.
The Company recognized a non-cash after-tax foreign exchange gain of $23 million in the 1Q 2017 ($0.06 per share), compared with a gain of $6 million in the 4Q 2016 ($0.01 per share), primarily due to Ilim's U.S. dollar denominated net debt.
Ilim Group is the largest pulp and paper company in Russia. The strategic partner of Ilim Group and the owner of 50% of its shares is International Paper, the world’s largest pulp and paper company. Ilim Group is headquartered in St. Petersburg.