Smurfit-Stone Container Corporation, which makes paper and cardboard packaging, today posted a first quarter loss. The company blamed lower production levels and higher fibre costs as it reported a loss of $19m, or seven cents a share.
The company had warned earlier this month of lower profit levels.
Despite the losses, Smurfit-Stone said its quarterly sales rose by 8% to $2.1 billion.
Chief Executive Patrick Moore said he expects the company to return to profitability in the second quarter, with 'healthy inventory levels and improving demand'. He added that the company is also stepping up its cost management efforts.
