Altri drops after 'poor' Q1 results

** Shares in Altri ALTR drop 8% after the Portuguese pulp producer reported a 56% slump in Q1 net profit

** The company said it expects its operations to normalize following the restart of the Celbi turbine and an increase in dissolving pulp production at Biotek

** CaixaBi notes that profitability was affected by lower pulp prices, weaker US dollar against the euro and non-recurring events, such as case of Celbi or Biotek

** AS Independent Research analyst António Seladas describes the quarter as "poor" and says results came in below estimates, impacted by lower blended sales prices and pressure on costs, despite slightly better-than-expected volumes

** "The short-term prospects remain bleak, while we tend to agree that 2026 and eventually, 2027, should be positive years," he adds, keeping "neutral" recommendation on the stock

** The stock, at the bottom of Lisbon's blue-chip PSI index PPSI20, will see its worst day since August 2022 if losses hold

** Up to the previous session's close, shares were up 16.5%​ year-to-date