Mondi falls as quarterly profits drop 18% as prices soften

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Like-for-like sales volumes were lower in industrial bags and uncoated fine paper, which was partly offset by growth in corrugated packaging Paper and packaging maker () said that demand and prices were softer in the third quarter and that prices have softened further in the fourth. The FTSE 100 and Johannesburg-listed group said underlying profit (EBITDA) for the third quarter was down 18% year on year to €383mln and 9% below the second quarter this year.  “Lower average selling prices from the highs reached towards the end of 2018 and into early 2019, coupled with the anticipated lower forestry fair value gain, more than offset the benefits of our ongoing profit improvement initiatives.” Prices entering the fourth quarter are “marginally” below the third, which the company expects to be “largely offset by an easing of pressure on the cost base, supported by our ongoing profit improvement initiatives”. Volumes down, costs mixed Like-for-like sales volume
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