(Sharecast News) – Paper and packaging group Mondi reported a sharp fall in interim earnings due to weaker demand, customer destocking and higher input costs.
Pre-tax profit for the six months to June 30 more than halved to €418m from €933m a year ago.
“So far in 2023, demand and prices have declined sequentially with the exception of containerboard prices which stabilised in the later part of the half year. We saw some benefit from lower input costs which continue to ease as we progress into the third quarter of the year,” said chief executive Andrew King.
Reporting by Frank Prenesti for Sharecast.com