Smurfit Kappa sees revenue rise, profits fall in Q1 2013

Friday 03 May 2013 17.39
Smurfit Kappa blamed the profit dip on price pressures and a number of one-off costs
Smurfit Kappa blamed the profit dip on price pressures and a number of one-off costs

Smurfit Kappa Group has reported a €57m pre-tax profit, 43% lower than the same time last year.

Revenue during the first three months of the year was up year-on-year, however, increasing by 4% to almost €1.9 billion.

Chief executive Gary McGann said the group was pleased with the increase in revenue, while the company said price pressure in Europe a number of one-off costs had pushed profits down.

The company, which specialises in paper-based packaging, said it had seen an increased demand for its products in Europe while the performance of its American division had improved.

Shares in the company closed over 6% higher in Dublin this evening.