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Mondi operating profits to drop more than 20%Josh Brooks, 16 February 2010Be the first to comment on this article Mondi has revealed a drop in profits of at least 20% for the second half of 2009 and one-off charges of more than 110m for the year. In a statement to the stock exchange this morning, the Anglo-South African paper and packaging group said that underlying operating profit for the second half would be below that of the second half of 2008. Under South African stock exchange rules, listed companies are required to make such a statement ahead of publishing full-year results if their results will be more than 20% different from the same period a year earlier. However, it said that the figure would be ahead of the underlying operating profit of EUR 138m recorded in the first half of 2009. The group said that its full-year 2009 results, which are published next Wednesday (23 February), would include one-off charges of EUR 128m (£111m) due to restructuring costs in South Africa and charges relating to its businesses in Austria and Germany. Mondi revealed last month that it was in talks to sell its UK corrugated plants to Smurfit Kappa and to buy Smurfit Kappa’s European sack converting business. Click here for today’s headlines from across the packaging industry Speak Your Mind |
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