Profit before tax at packaging giant Smurfit Kappa is up 27% for the first nine months of the year, and an impressive 77% in Q3 alone, according to an interim management statement issued by the company.
Profit before tax stood at €165 million in Q3 2015, up from €93 million in Q3 2014, according to the statement. Revenue for the quarter was roughly on a par with last year (€2.024 billion, compared to €2.027 billion).
The group saw its corrugated volumes rise 6% in the year to 30 September, with 3% organic growth in Europe.
Commenting on its performance, Tony Smurfit, Smurfit Kappa Group CEO said, "There was some evidence of a slower rate of growth in Europe in the third quarter when compared to the second quarter. However, organic growth remains at a solid level, supported by our drive to enhance the value proposition delivered to our customers.
"Overall demand levels remain good, and as a consequence the European containerboard market remains well balanced. The industry’s solid fundamental outlook and the containerboard price increases implemented in July will support our current focus on driving corrugated price recovery."
Smurfit Kappa expects to deliver a full year EBITDA result in line with market expectations.
© 2015 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. To subscribe to ESM: The European Supermarket Magazine, click here.
