(Sharecast News) - Paper and packaging giant Mondi reported lower full-year profits on the back of weaker demand and lower prices, with the latter continuing into the first quarter of 2024.
Underlying core earnings fell to €1.2bn for the year to December 31, from €1.84bn. Group revenue fell 18% to €7.3bn as customers destocked, although this abated over the course of the year.
"In the first quarter of 2024, selling prices are generally lower than the averages achieved in the second half of 2023. However, we are seeing improvements in our order books and are implementing price increases across our range of paper grades."
"Input costs remain elevated compared to historical levels but have broadly stabilised since the end of 2023."
Mondi earlier this month Mondi made a preliminary expression of interest to buy rival DS Smith and has until 1700 GMT on March 7 to make a firm bid or walk away.
Reporting by Frank Prenesti for Sharecast.com
Mondi (MNDI)