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Smurfit Kappa announces increases in profits and revenues

PACKAGING firm Smurfit Kappa has reported a 1pc increase in revenues for the first three months of the year.

Revenues gained to €1.8bn while operating profits increased to €177m, a 20pc increase.

Pre-tax profits grew to €105m from €78m.

The company was hit by increases in output costs and downward pressure on box prices in the first quarter.

''For the full year 2012, subject to macro-economic volatility and normal business risk, we expect to deliver an EBITDA performance broadly similar to that achieved in 2011,' said Smurfit Kappa chief executive Gary McGann.

''This will in turn support good free cash flow generation and further de-leveraging, thereby continuing to expand our available range of strategic and financial options,' he added.