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Mondi rallies to near-record high after trading update

Packaging and paper group Mondi touched near-record highs on the JSE early on Tuesday after it announced first-half earnings would increase even with once-off costs of EUR36m.
Mondi rallies to near-record high after trading update

The dual-listed company said basic headline earnings per share would be between EUR0.57 and EUR0.62 for the six months ended June 2015, an increase of between 18% and 28% from the previous comparable period. Mondi is also listed on the London Stock Exchange.

Mondi said that during the period it recognised once-off costs mainly related to restructuring activities. These included the closures of the small kraft paper business in Finland and the consumer packaging plant in Spain. It also included costs related to the further restructuring of its US bags business.

Mondi has operations across more than 30 countries with key operations located in Central Europe, Russia, North America and SA.

The company recorded profits of EUR377m in June 2014. Mondi is expected to release its interim results on August 6.

Source: BDpro


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