Mondi reports Q3 operating profit growth - CNBC Africa

Mondi reports Q3 operating profit growth

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The international packaging and paper group saw underlying operating profit increase to 172 million euros for the quarter ended 30 September 2013 from 138 million euros for the same period in 2012.  

“As previously announced, the performance for the quarter was impacted by the planned annual maintenance shuts at a number of the group’s larger operating sites. During the quarter, around half of the maintenance shuts scheduled for the second half of the year were completed, primarily at the group’s large European containerboard and uncoated fine paper mills,” Mondi said. 

“The balance of the planned shuts will take place during the fourth quarter. As previously indicated, the negative impact of these shuts on the second half 2013 underlying operating profit, when compared to the first half, is estimated at around 50 million euros to 60 million euros.”

Mondi’s net debt decreased by 83 million euros from 1.8 million euros at 30 June 2013 to 1.7 million euros at the end of the third quarter.

“Finance charges were similar to those of the previous quarter and above the comparable prior year period, reflecting the higher average net debt as a consequence of the acquisitions completed in the fourth quarter of 2012,” said Mondi.

“Management remains confident of delivering in line with its expectations for the full year. Ultimately, the outlook for 2014 remains dependent on the nature and extent of the macroeconomic recovery and related demand for the group’s key products.”

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