Mondi reveals revenues of 450 million as FTSE 100 packaging and paper group hikes its prices
Mondi has posted third quarter income before tax and interest of 450million, up 55 per cent compared to the same time last year, after the group hiked prices.
The FTSE 100 packaging and paper group, headquartered inWeybridge, said that higher average selling prices and overall volume growth helped offset significant cost pressures.
Corrugated packaging, flexible packaging and uncoated fine paper were among the best sellers during the quarter.
Mondi shares were up 55 per cent trading at1,383.50p around 11am Friday.
Looking ahead, the company says it's 'confident' that it will deliver a year of 'good progress' despite geopolitical and macroeconomic uncertainties combined with continued inflationary pressures.
In the third quarter it said it was able to mitigate the impact of significantly higher European gas and electricity costs as most of the company's pulp and paper mills generate the majority of their energy needs internally.
The company's 1billion expansionary capital investment programme included an investment in a new 210,000 tonne per annum kraft paper machine at its flagship Steti mill in the Czech Republic for 400million and the acquisition of amill near Trieste in Italy.
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