Mondi increases earnings, reduces stake in Neusiedler

Packaging and paper group Mondi has announced an increase in full year pre-tax profit to €796-million from €619-million a year ago.

On a per share basis, earnings were 124 euro cents, up from 97.4 euro cents in the previous year. Underlying earnings for the full year was 133.7 euro cents per share.

Group revenue climbed 7% to €6,819-billion from €6,402-billion in the prior year.

In a separate release, Mondi group said it plans to sell interest in uncoated fine paper operations in Austria, Hausmening and Kematen known as Neusiedler to subsidiary Mondi SCP for €30-million. Remaining 49% of SCP is with Eco-invest. The transaction is expected to complete in March 2016.

David Hathorn, Mondi group chief executive says its outlook for the business remains positive. However, the company sees some softness in certain of its packaging paper grades and sees firmer prices in the European uncoated fine paper markets following recent industry capacity rationalisation.

Source: www.nasdaq.com

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