Mondi profits up 30% off sales lift

Packaging firm Mondi reported first half profits up 30% to €490m, following a boost in sales.

The dual-listed company said underlying earnings per share were up 31% compared with the same half last year to 67.8 euro cents, in line with the underlying profit lift.

Group revenue was up 10% due to higher sales volumes and prices, acquisitions and currency effects. Excluding the effects of acquisitions and disposals, this figure was up 3.9% compared with last year.

Mondi said like for like sales volumes were up across all Europe and international markets, but sales from South Africa were hit by extended annual maintenance at its Richard Bay mill in that region.

An interim dividend of 14.38 euro cents per share, up 9% on the prior year interim dividend of 13.23 euro cents per share was declared.

Management said it was confident about making good progress for the year.