StockMarketWire.com - Mondi has reported a stable first half of the year when compared to the same period last year, with group revenue up €175m during the six months to the end of June 2021.

Group operating profit was down slightly at €503m, compared to €518m for the same period last year.

The company said momentum had been driven by higher sales volumes, higher average selling prices and effective cost control.

During the first half of the year, Mondi completed the acquisition of Olmuksan, strengthening its position in the Turkish corrugated market. It also made progress on capital investment projects delivering growth, sustainability benefits and enhanced cost competitiveness.

Mondi approved a €125 million upgrade and expansion of Kuopio containerboard mill (Finland) and further investment in corrugated plants to support strong growth in eCommerce, the company said.

The board has declared an interim dividend of 20.0 euro cents per share.

Andrew King, Mondi's group CEO, said: 'olume growth and pricing momentum in our packaging markets has been strong. Encouragingly, we have also seen improving uncoated fine paper markets. We exhibited strong cost control, against a backdrop of rising commodity input costs, whilst keeping a sharp focus on delivering our high-quality product and service offering to our customers.

'We remained focused on driving organic growth through our capital investment programme. We successfully started up a new 300,000 tonne containerboard line at Ruzomberok (Slovakia) and a repurposed machine in Steti (Czech Republic) which is now dedicated to producing speciality kraft paper for eCommerce and retail shopping bags. Expansionary projects are also underway at a number of our converting packaging operations, enhancing our production capabilities and product offering to further support our customers, particularly in eCommerce.'


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