Mondi earnings surge
Fin24 - Jul 29th 2011, 09:07
Johannesburg - Paper maker Mondi posted 59% rise in first-half earning on Thursday helped by strong sales, but said uncertainties in demand growth remained a concern.
South Africa's Mondi, which is also listed in London, said basic headline earnings per share for the six months to end-June totalled 39.4 euro cents, compared with 24.8 euro cents a year earlier.
Headline EPS is the key measure of profitability in South Africa and strips out certain one-off and non-trading items.
Mondi, mainly involved in the manufacture of packaging paper, said underlying operating profit was up 74% to €354m.
Mondi this month spun off its South African packaging business and listed it on the Johannesburg Stock Exchange under the name Mpact.
Mondi said while the uncertainties in the macroeconomic environment continue to be a concern for demand, supply-side fundamentals in its core grades remain good.
It added that maintenance shut downs planned at a number of its European mills will impact second-half performance.
Mondi declared an interim dividend of 8.25 euro cents per share.
The company's shares have gained 34% so far this year, outperforming a 1.6% fall in the Johannesburg's All Share index.
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