Mondi sees higher earnings
Fin24 - Jul 22nd 2011, 10:49
Johannesburg - Paper maker Mondi said on Friday it expects its first-half earnings to be higher than those reported a year earlier.
Mondi, which is also listed in London , expects basic headline earnings per share for first half to end-June to range between 37 and 42 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 also expected to be considerably higher.
Mondi recently unbundled its South African packaging business to provide shareholders with a clear benefit as both businesses would take better advantage of their respective growth opportunities.
The South African unit listed on the Johannesburg Stock Exchange last week under the name Mpact.
"The results of Mpact will therefore be presented as a discontinued operation in the financial results of the group ... with comparative information restated accordingly," Mondi said in a statement.
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