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Smurfit Kappa profits soar 79pc in H1

Wednesday, July 30 10:13:29

Pre-tax profits at Irish-based global paper and packaging group, Smurfit Kappa, soared by 79pc in the half year to the end of June to E228m as revenues rose across its operations.

It said revenue increased to E3.95 billion from E3.91 billion in the first-half of last year, with earnings per share climbing to 61.9 cent, compared to 31.8 cent in the same period a year ago.

Core earnings, or earnings before interest, tax, debt, and amortisation (EBITDA) for the first half of 2014 increased by E52 million to E564 million with higher comparable earnings in both Europe and the Americas.

Smurfit Kappa CEO Gary McCann said the group's operations in the Americas were performing well with volume growth expected to improve through the second half of the year.

"The Group's particular sales approach to international customers in both Europe and the Americas is continuing to make an impact in these markets with customers increasingly seeking a global and environmentally accredited partner for their packaging solutions," he added.

The group announced a 50pc increase in the interim dividend to 15.375 cent, reflecting confidence in its future performance.

For more visit: www.businessworld.ie