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Mondi Q3 Underlying EBITDA Up 30%

Mondi Plc. (MNDI.L) reported that Underlying EBITDA for the third quarter was 466 million euros, up 30% on the comparable prior year period and up 4% on the second quarter of 2018.

Mondi said, "The Group delivered a strong performance in the third quarter, benefiting from higher average selling prices across Fibre Packaging and Uncoated Fine Paper, a very strong operational performance, good cost containment and contributions from recent acquisitions."

Like-for-like sales volumes for the quarter were up on the comparable prior year period due to good growth in the Fibre Packaging value chain. Selling prices for the Group's key paper grades were significantly up on the comparable prior year period and marginally up on the second quarter.

The company said, "Going into the fourth quarter, we continue to benefit from stable pricing in key fibre based product segments. However, as expected, the quarter will be impacted by the large project related shut and ramp-up at our Steti mill, restructuring initiatives in Industrial Bags and continued pressure on the cost base across the Group, mitigated by our ongoing proactive and comprehensive cost reduction programmes."

The company said it remains confident of continuing to deliver an industry leading performance, and sustaining its track record of delivering value accretive growth.

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