Packaging group Smurfit Kappa has reported pre-tax profits of €61m for the three months to the end of September, down from €105.8m the same time last year as the firm continues to see challenging conditions.
Revenues fell by 4% to €1.753 billion from €1.829 billion for the three-month period, while basic earnings per share slumped 56% to 16.8 cent from 38.6 cent the same time last year.
The company said that it expects conditions to remain challenging for the rest of the year, characterised by the slowdown in corrugated demand and pressure on pricing.
'Against that backdrop, the group is pleased to confirm that it remains on target to deliver the expected level of financial performance in 2008,' the company's group CEO Gary McGann said.
Shares in the company closed down five cent at €1.95 in Dublin.
