Mondi posts rise in earnings

Johannesburg - Paper company Mondi [JSE:MND] posted a 24% rise in first-half profits on Thursday due to higher selling prices and sales with some of its projects delivering ahead of plan.

The company, which is also listed in London, said diluted headline earnings per share rose to €60 cents from 48.2c a year earlier.

In previous years Mondi struggled with lower prices for its paper products and lower global demand, but kept its head above water through acquisitions, cost cuts and increased prices.

Mondi completed capital projects including a bleached kraft paper machine in the Czech Republic and a pulp dryer in Russia.