Smurfit Kappa has reported third quarter pre-tax profits of €41m, compared to a €40m loss reported the same time last year.
The company said that revenues for the three months to the end of September rose by 12% to €1.7 billion from €1.5 billion last year as it saw a positive contribution from its Latin American operations.
Smurfit Kappa said it reduced its net debt by €168m to €3.124 billion - a cut of 5% in the three month period. It said this was achieved due to the benefits of the group's strong cash generation along with €48m worth of favourable currency movements as the dollar weakened.
Looking ahead, the company said that good market conditions combined with higher input costs underpin continued corrugated price recovery.
'Subject to normal business risk, SKG re-affirms its expectation of EBITDA growth in the region of 20% for the full year, which combined with ongoing cash flow generation will lead to further reduction in its net debt to EBITDA ratio,' commented Smufit Kappa's group chief executive Gary McGann.
Smufit Kappa shares closed down 3.6% to €7.78 in Dublin this evening.
