(Alliance News) - Mondi PLC on Thursday said it has delivered a resilient performance with underlying earnings before interest, tax, depreciation and amortisation for the third quarter of EUR306 million.
The Vienna-based packaging and paper company reported underlying earnings before interest, tax, depreciation and amortization of EUR306 million for the third quarter of 2020, 20% lower when compared with the prior year. Compared to the second quarter of 2020, underlying Ebitda was down 13% from EUR353 million.
The business saw good volume growth in its uncoated fine paper and fibre-based packaging products, which together with ongoing strong cost control were more than offset by the impact of planned maintenance shuts, negative currency effects and lower average selling prices.
Chief Executive Andrew King said: "The decisive action we took in the early stages of the Covid-19 pandemic helped to protect our people, maintain supply of essential products and services, and deliver a resilient performance."
Going forward, Mondi said the macro-economic outlook continues to be uncertain, however, it is confident that it will continue to demonstrate its resilience, while remaining well-positioned for when the recovery takes place.
Mondi said its confidence is underpinned by the company's integrated high-quality, cost-advantaged asset base, culture of continuous improvement, portfolio of sustainable packaging solutions and the strategic flexibility offered by our strong cash generation and financial position.
Mondi shares were trading 3.4% lower in London on Thursday at 1,610.50 pence each, while in Johannesburg, the stock was down 2.8% at ZAR347.25 a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Mondi (MNDI)