Smurfit Kappa profits up for three months to end of September
Published 09/11/2011 | 11:18
SMURFIT Kappa, the packaging group, has reported pre-tax profits of €85m for the three months to the end of September.
This is up from €63m in the same period a year earlier.
Revenue rose by 10pc to just under €1.9bn. Operating profits climbed by 13pcto €162m.
The group's net debt was reduced by 6pc from a year earlier to €2.9bn.
The growth was achieved, according to the group, despite currency movements which cost it €30m.
Box demand continued to grow in the third quarter, though at a slower pace than in the first half, while there was some downward pressure on paper prices in Europe, according to Smurfit Kappa CEO Gary McGann..
The group stuck to its full-year forecasts for earnings and its target to cut net debt to €2.85 billion by the end of the year.
For the first nine months of 2011, revenue was 12pc ahead at €5.5bn.
Pre-tax profits were €221m, compared with €54m a year earlier.