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Mondi unveils a big profit upgrade

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Underlining earnings will increase between 25% and 35% to 65-70c.


Paper maker Mondi () whetted the appetite of investors for its first half results next week by raising its profits expectations.


The South African company said underlying operating profit for the half ended 30 June is expected to be at least 20% higher than the €377mln reported a year ago.


Underlining earnings will increase between 25% and 35% to 65-70c.


However, one-offs rose to €36mln in 2015 from €16mln in the first half of 2014.


This was mainly due to restructuring activities that included a paper mill closure in Finland, a packaging plant closure in Spain and more restructuring of its US bags business.


Mondi said basic EPS, which includes the effect of special items, is expected to rise 17% to 28% to between 57 and 62c.



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