Holmen’s profit after tax for January–March was 370 million Kronor (178). Earnings per share were 4.4 Kronor (2.1). Return on equity was 8.8 percent (4.3).The operating profit totalled 558 million Kronor (320). The improvement is explained by higher prices for newsprint and paperboard, while higher costs for wood and recovered paper had an adverse impact on the result. Compared to the fourth quarter, the operating profit excluding items affecting comparability improved by 197 million Kronor, mainly as a result of higher newsprint prices.Demand for newsprint in Europe remained unchanged compared to the same period last year, while demand for MF Magazine increased. Prices were raised substantially from the very low levels seen in 2010.The market situation for Holmen’s paperboard products remained robust, while the market for sawn timber was weak.