Smurfit Kappa reinstates dividend
PACKAGING and paper group Smurfit Kappa has reported pre-tax profits of €299m for 2010, almost three times that of the previous year's €103m profit.
As a result, the company reinstated a dividend with 15c to be paid.
Earnings per share before exceptional items rose by 69pc to €1.
Revenue rose by 10pc to €7.36bn, while underlying earnings grew by 12pc to just over €1bn.
Shares in the company jumped by 8.4pc to €7.14 in Dublin this morning.
Growth was driven by its Latin American business, where underlying earnings rose by 19pc.
Gary McGann, Smurfit Kappa's chief executive, said that the financial performance was strong, and demonstrated the benefits of the group's continued efficiency improvements, which led to growth in its European business.