Mondi expects higher interim earnings after prior period’s impairments

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Packaging and paper group incurred extraordinary expenses of €81m as it restructured its operations

Packaging and paper group Mondi says headline earnings per share in the six months to end-June will increase by 9%-16% compared to the prior period’s 85.1 euro cents.

Earnings before interest, tax, depreciation and amortisation were expected to be higher than the prior period’s €852m, the company said, with basic earnings a share expected to rise by 28%-37% to 93-99 euro cents. Special net item charges after tax had decreased in the period to €2m from €81m in the prior corresponding period, the company said. Special items refer to extraordinary expenses that are not expected to recur.

In the prior period Mondi had restructured a number of its operations, including restructuring costs of €8m and impairment of assets of €47m as it discontinued in-line silicon production at its Steti operation in the Czech Republic. The company incurred restructuring costs of €13m and impairment costs of €5m at its Merebank facility in KwaZulu-Natal.

 

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