- Paper and packaging company Mondi has reported an 18% decline in underlying EBITDA for the third quarter of 2019 to €383m, as demand remained generally softer and prices for key paper grades were below those of the first half.

Underlying EBITDA was down from €466m in the comparable prior year period and was 9% below the €423m reported in the second quarter of 2019.

In a trading update to provide an overview of financial performance since the half-year ended 30 June 2019, based on management information up to 30 September 2019, Mondi reported planned mill maintenance shuts during the quarter had an estimated impact on underlying EBITDA of around €40m, up from €30m in 2018.

Based on prevailing market prices, Mondi has estimated that the impact of planned mill maintenance shuts on underlying EBITDA for 2019 will be around €150m, compared to €110m in 2018.

Mondi's like-for-like sales volumes were, on average, marginally lower than the comparable prior year period as a result of lower industrial bags and uncoated fine paper volumes, partly offset by growth in corrugated packaging.

On average, costs were higher than the comparable prior year period, although lower than the previous quarter.

On 30 September, Mondi completed the sale of a specialised extrusion coated products plant in Duffel, Belgium.

At 8:04am: [LON:MNDI] Mondi PLC share price was -37.25p at 1508.75p

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