(Sharecast News) - Paper and packaging group Mondi more than doubled full-year profits on higher prices but warned that it continued to see softer demand and pricing, despite input costs declining, sending the shares lower on Thursday.
Profit before tax rose 119% to €1.56bn as revenue excluding Russian operations surged by 28% to €9bn.
"As we enter 2023, significant geopolitical and macro-economic uncertainties remain. Whilst a number of input costs are starting to decline, we continue to see an environment of softer demand and pricing, with destocking expected to continue through the first quarter," the company said.
"Notwithstanding these challenges, we remain confident of our compelling product portfolio and resilient business model. Our cash generation and strong balance sheet provide strategic flexibility, enabling us to meet growing customer demand for sustainable products and continue to invest to strengthen our leading market positions."
Reporting by Frank Prenesti for Sharecast.com
Mondi (MNDI)