Smurfit Kappa's Q1 pre-tax profits jump

Friday 02 May 2014 07.24
Smurfit Kappa's revenues for the three months to end of March edge 2% higher
Smurfit Kappa's revenues for the three months to end of March edge 2% higher

Packaging group Smurfit Kappa said today that its first quarter pre-tax profits jumped by 81% while its revenues rose by 2%.

The company posted profit before income tax of €104m, while revenues for the three month period were up 2% to €1.83 billion.

The company said the results reflect a strong underlying performance in its Americas business, as well as price improvements in its European packaging operations. 

It also managed to reduce its financing costs as a result of the completion of the significantly more attractive financing structure for the group

"The first quarter has delivered a strong underlying financial performance as a result of good demand growth and the successful implementation of price increases in the majority of countries," commented Smurfit Kappa's chief executive Gary McGann.

Smurfit Kappa said it continues to expect to grow its earnings year-on-year.