Packaging company Mondi has reported 2% year-on-year growth in operating profit to €1.2 billion, in its financial year ended 31 December 2019.
The packaging group described its performance as 'robust' against challenging trading conditions.
Group revenue was down 3% to €7.3 billion, from €7.5 billion a year ago, while underlying EBITDA dropped by 6% to €1.7 billion.
The company attributed this decline to lower average selling prices and lower sales volumes due to longer, planned maintenance shutdowns and restructuring initiatives.
Outlook
Commenting on the company's outlook in FY2020, Andrew King, Mondi Group chief executive officer designate, said, "Looking ahead, we remain confident in the structural growth drivers in the sectors in which we operate.
"Input cost relief, our ongoing profit improvement programmes, and customer-centric innovation initiatives, and the benefits from our capital expenditure pipeline will continue to support our performance."
The company will continue to focus on its sustainability goals by offering eco-friendly packaging solutions, it said.
"With our unique product portfolio and our EcoSolutions approach, we remain well-positioned to support our customers in meeting their sustainability goals with packaging that is sustainable by design - paper where possible, plastic when useful," King added.
© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.
