Mondi Packaging’s pre-tax first quarter profits have been wiped out due to difficult trading conditions, reduced prices and restructuring charges. The Anglo-South African packaging firm reported that sales were down by 20 per cent, to €2.6 billion, with a 100 per cent drop to €1 million in losses before tax. At the end of June this year, recycled containerboard prices were down approximately 27 per cent on December 2008, which was reflected in converted box prices, according to the company. Mondi has completed the divestment of its corrugated converting operations in France and is now restructuring its Turkish corrugated business, its coating business in Finland and the UK, and its consumer flexibles business in Austria.
www.mondigroup.com
