Revenues soar for at Smurfit Kappa Paper and packaging giant Smurfit Kappa saw its pre-tax profit jump an impressive 39 per cent to €231 million for the first nine months of the year.
The Group has reported third quarter earnings of€302 million and said it expects full-year earnings to be in line with expectations.
Smurfit Kappa stated that its third quarter revenue was €2.027 million, up one per cent over the same quarter last year. Revenues for the nine month period grew to €5.975 billion from €5.924 billion the same time last year.
Smurfit Kappa posted year-on-year earnings growth for the nine months with ebitda of €866 million, an increase of six per cent. Chief executive Gary McGann said the result came despite weaker conditions in the three months to the end of September.
"In spite of a somewhat weaker macroeconomic backdrop in the third quarter the group continued to see demand growth in Europe through the period, and delivered a strong performance in the region supported by pricing actions and continuing cost take-out initiatives. The implementation of both recycled and virgin containerboard price increases during the quarter is underpinning corrugated pricing," said McGann.
