Holmen's operating profit for the first half of the year totalled 1,048 million Kronor (1,050). Earnings from forest increased, while the contribution from currency hedges fell. Earnings per share amounted to 8.3 Kronor (8.0). Return on equity was 7.2 percent (8.1).The operating profit from the second quarter was 488 million Kronor, 72 million lower than in the preceding quarter and four milljon lower than the second quarter 2011. Earnings from hydro power generated by the company were lower due to seasonal factors. Production efficiency and low costs in printing paper largely offset the expiry of favourable currency hedges.The market situation for paperboard was stable during the second quarter, while demand for printing paper and sawn timber was weak.