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Mondi reports pre-tax profit boost after corrugated restructuring
Cost reduction and price increases have boosted Mondi's pre-tax profit to EUR 177m in the first half of the year that included the completion of its corrugated restructuring.
The Anglo-South African paper and corrugated group reported a 16% increase in sales of EUR3bn in the six months to 30 June.
Mondi reported a pre-tax profit of EUR177m, up from a EUR1m loss 12 months ago. Operating profits rose
Chief executive David Hathorn hailed a "pleasing result against a backdrop of improving market conditions".
"The outcome bears testament to our robust business model, which encompasses market leading positions in higher growth emerging markets, low-cost operations and a relentless focus on performance," said Hathorn.
Mondi - Smurfit Kappa deal
In May, Mondi
As part of the deal, Mondi acquired Smurfit's industrial and consumer bag operations in France, Italy and Spain.
The
Cost reduction programme
Mondi said that the restructuring and cost reduction programme had supported the recovering profits, but that currency exchange had mixed results.
The stronger rand eroded South African margins while the European operations benefited from a weaker euro against the dollar.
"Despite cost pressures, the positive pricing momentum witnessed in Europe since the beginning of the fourth quarter of 2009 in most of the Group's key grades should see the business continue to deliver a strong performance in the second half of the year," said Hathorn.
MONDI HALF-YEAR RESULTS
(EURm)
Group revenue 3,033 (2,614 in 2009)
Underlying operating profit 222 (138)
Profit before tax 177 (1 loss)
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