Business

Smurfit-Stone Container Corporation has reported a net loss of $21m (£12.9m) for the third-quarter of the year, compared with a profit of $28m in the same period of 2007.

The company recorded a 2% increase in sales in the period to $1.9bn.

In the quarter the company closed four US-based converting plants and its Pontiac, Quebec mill.

Patrick J. Moore, chairman and chief executive, said: "We continued to make progress implementing our transformation plan and we remain on-track to realise $525m in cumulative savings this year."

The company said it expects improved results in the fourth-quarter driven by higher selling prices and lower costs.