Paper and packaging giant Smurfit Kappa has reported sales of €1.79 billion for the first three months in 2007, up 3.6% on the same period last year.
Earnings before interest, taxes, depreciation, and amortisation at €254m were up 40% on the first quarter of 2006.
The company said it had achieved further synergy benefits in the quarter and had reduced net debt by €1.33 billion to €3.54 billion by the end of March.
Smurfit Kappa, which is headed by Gary McGann, returned to the stock market in March 2006, with shares floating in Dublin and London. It said today that the initial public offering was now completed with gross proceeds of €1.49 billion.
CEO Gary McCann said the company was reporting a solid financial performance for the first quarter and expected to deliver results in line with current market expectations.
'Demand is strong and capacity is increasingly coming into balance across each of our markets', he said, adding that inventory levels are significantly below prior year levels.
Last month the company announced the closure of its carton-manufacturing plant in Coolock, Dublin with the loss of 140 jobs after finding it difficult to compete with lower-cost economies in central and eastern Europe.
Shares in Smurfit Kappa closed down 25 cent at €20.25 in Dublin this evening.
