29th Jul 2014 07:06
LONDON (Alliance News) - Mondi PLC said Tuesday that it expects underlying operating profit for its first-half to come in higher than the comparative period last year as a net special item charge will be reduced in the half-year due to restructuring activities.
The international packaging company said in a statement that it expects its underlying operating profit to be above that of the EUR367 million recorded in the first-half of 2013.
In accordance with listing requirements, companies are required to publish a trading statement as soon as they become reasonably certain that the financial results for the period to be reported on
next will differ by at least 20% from those of the previous corresponding period.
In the six months to June 30, 2013, the group recognised a net special item charge after tax of EUR68 million. Mondi said the net special item charge for the six months ended June 30, 2014 is set to be approximately EUR16 million, relating to restructuring activities in the group's Coatings business and a net charge on early redemption of the EUR280 million Eurobond, partly offset by the release of a previously recognised provision for transaction costs.
The company has also advised that basic earnings per share for the half-year are now expected to be between 46 to 51 euro cents, up on the 35.3 euro cents reported last year.
The packaging and paper company said it is currently finalising its results for the period, set to be released August 7.
Mondi is dually-listed on the London Stock Exchange and the JSE Ltd.
Shares in Mondi jumped at the London open, trading 1.20% higher at 1,072.70 pence per share, the third biggest gainer on the FTSE 100.
By Alice Attwood; [email protected]; @AliceAtAlliance
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