The effect of species mixture was studied in a mixed stand of Norway spruce ( (L.) H. Karst.) and Scots pine ( L.) by simulating around 100 different treatment schedules during the rotation in a naturally regenerated even-aged stand located on a site of medium fertility in North Karelia, Finland. Both thinning from below and thinning from above were applied. Optimum rotations were determined by maximising the net present value calculated to infinity and different treatment schedules were compared with the net present value over one rotation as per rotation applied. In the optimum treatment programme, the proportion of pines was decreased by half of the basal area in the first thinning stage and by the end of the rotation to about one third. In thinning from above, the proportion of pines can be maintained at a slightly higher level. It is economically profitable to maintain the growing stock capital at approximately the level recommended by Forest Centre Tapio, a semi-governmental forestry authority. With non-optimum species composition, the loss in net present value over one rotation can be about 10 % in thinning from below and about 20 % in thinning from above. Picea abiesPinus sylvestris