M-real Corporation Stock Exchange Release 10 March 2010 at 9.30
M-real Corporation, a part of Metsäliitto Group, reverses earlier made IT cost provisions and books a positive non-recurring item of EUR 12 million in its 1Q 2010 operating result. In segment reporting EUR 9 million is included in Other operations and EUR 3 million in discontinued operations.
The reversal of the provisions relates to the new IT service contract with Tieto Corporation published on 3 December 2009 as well as to the renewed IT-contract with IBM signed today.
As earlier announced, the annual cost savings resulting from changes in IT services are expected to amount to approximately EUR 30 million.
M-REAL CORPORATION
Further information:
Matti Mörsky, CFO, tel. +358 10 465 4913