4th Nov 2015 08:15
LONDON (Alliance News) - Irish corrugated packaging manufacturer Smurfit Kappa Group PLC on Wednesday said its pretax profit and revenue both advanced in the first nine months of 2015, as volume growth remained robust.
The company said its pretax profit for the nine months to the end of September rose 27% to EUR408.0 million from EUR321.0 million a year earlier. For the third-quarter, its pretax profit rose to EUR165.0 million from EUR93.0 million.
Revenue for the nine-month period rose to EUR6.02 billion from EUR5.98 billion, though this was broadly flat in the third quarter at EUR2.02 billion against EUR2.03 billion.
Corrugated packaging volume growth in the first nine months of the year was 6.0%, the company said, with growth in Europe at around 3.0% and both its European and Americas operations boosted by recent acquisitions. Organic growth remains solid, the group said, and demand levels are still robust.
"Based on current operating conditions, the group expects to deliver a full year EBITDA result in line with market expectations. This result reflects the resilience of Smurfit Kappa's integrated and geographically diversified business model, and the good underlying level of growth in the business," said Chief Executive Tony Smurfit.
Shares in Smurfit were down 1.2% to EUR24.96 early Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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