The full-year results for the Nordic region’s pulp and paper companies, due to be published on Tuesday, are likely to show that 2005 was another lost year.

According to analysts’ estimates, profits at leading Nordic companies are still far from the level of 2000 and 2001 and Finland’s M-Real is expected to remain in the red. The figures would have been better if the companies had been more determined about cutting their overcapacity.