One of Ireland's biggest companies, the paper and packaging giant Jefferson Smurfit, this morning reported a profits hike of 190% to 485 million euros for the year 2000 - its second best year in terms of earnings performance.
Analysts had been forecasting profits in the range of 412 million euros to 480 million euros.
Sales for the year grew by 23.5% to 4.56 billion euro. Earnings per share increased to 22.4 cents, double the amount for the corresponding period the previous year.
The company said that demand in the US declined marginally in 2000. However, against that background, the US experienced one of its longest periods of product price stability.
In a statement, Europe enjoyed solid demand growth during 2000. Corrugated demand increased by 2% and demand growth showed a 10% increase. South America demand continued to recover with 10% corrugated demand growth in 2000 and an improved pricing improvement.
The company said, that in spite of stock prices reflecting recessionary levels, there was sufficient evidence to suggest that earnings would not decline on the extent reflected by current market values.
The shares were up four cents to 2.01 euros by mid morning.
