Full year pre-tax profit falls 19 per cent at Mondi
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.
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
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Apple loses court battle over €13bn tax bill - should you invest?
The case against Apple was brought by the European Commission and ends an eight-year dispute
By Chris Newlands Published
-
“Fast-track justice” goes off the rails: is it time to rethink the system?
Single Justice Procedures, or fast-track justice, designed to deal with minor offences, have become increasingly heavy-handed. Is it time for an overhaul?
By Simon Wilson Published