Investors cheer Mondi's 10% profit jump | Fin24
 
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Investors cheer Mondi's 10% profit jump

Feb 24 2015 11:33

Johannesburg - Paper maker Mondi reported a 10% rise in full-year underlying profit on Tuesday on rising packaging paper sales and lower costs, sending its shares to a record high.

Mondi [JSE:MND], which has a secondary listing in London, said underlying operating profit for the year to the end of December, reached €767m from €699m a year earlier.

Its shares rose 2% to R232.50, reaching its highest level ever since the company listed in 2007.

Mondi said packaging paper, including kraft paper - a type of paper often used in packaging - rose 11% due to lower costs and volume growth from an acquisition.

Mondi bought Graphical Packaging International, a subsidiary of Graphic Packaging Holding, in June to increase its sales of magazine paper and newsprint and grow its presence in the world's largest economy.

The company declared a final dividend of 28.77 euro cents per share, bringing the total for the year to 42c which was an increase of 17% on the year prior.

mondi  |  johannesburg  |  industrial  |  earnings reports
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