Profit before tax contracted 19 per cent to 371m euros in the full year ending December 31st at paper and packaging group Mondi, an interim management statement has shown.
Group revenue rose 1.0% to €5.8bn while underlying operating profit dropped 9.0% to €568m.
Basic earnings per share slid 3.0% to 69.6 cents. The total dividend per share rose 8.0% to 28 cents.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The group return on capital employed contracted to 13.7% from 15%.
In a financial outlook issued by the company, the group reported: "While the first quarter was particularly difficult, characterised by a continuation of the weak order books seen towards the end of 2011, trading picked up as the year progressed.
"Sales volumes recovered into the second quarter and this, in turn, saw some price recovery in certain of the group's major grades going into the second half of the year.
"The third quarter was impacted by the traditional European summer slowdown in trading, but a strong finish to the year, with good volumes and reasonable price levels in Europe, meant the group was able to deliver full year underlying operating profit of €568m, 9.0% down on the very strong prior year result."
MF
-
Christmas at Chatsworth: review of The Cavendish Hotel at BaslowMoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
