Biocel's earnings drop

Biocel, the Czech pulp producing company experienced a slump in its profits by 90% to CZK 63.33 million in 2001. The company's sales dropped by 26% to just under CZK 2 billion. Biocel produced 113,000 tonnes of pulp in the first half of 2001 as compared to 125,000 tonnes in the year 2000. The sharp decrease in profits was attributed to less favourable prices than they were last year.