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Mondi PLC Q3 Underlying EBITDA, LFL Sales Volume Down - Quick Facts

Packaging and paper group Mondi Plc. (MNDI.L) reported Thursday that its third-quarter underlying EBITDA was 383 million euros, down 18% from the prior year's 466 million euros, and down 9% from preceding second quarter's 423 million euros.

According to the company, demand in the third quarter remained generally softer across its operating markets. Prices for key paper grades were below the first half.

The company noted that lower average selling prices from the highs reached towards the end of 2018 and into early 2019 as well as the anticipated lower forestry fair value gain more than offset the benefits of ongoing profit improvement initiatives.

Like-for-like sales volumes were, on average, marginally lower than the prior year period due to lower industrial bags and uncoated fine paper volumes.

The company said the planned mill maintenance shuts during the third quarter impacted underlying EBITDA by around 40 million euros, higher than last year's 30 million euros.

The company continues to estimate that the impact of planned mill maintenance shuts on underlying EBITDA for 2019 will be around 150 million euros, up from 110 million euros last year.

Regarding the fourth quarter, Mondi said prices were, on average, marginally below those of the third quarter. This would be largely offset by an easing of pressure on the cost base, supported by ongoing profit improvement initiatives.

Further, the company said it will be organised across four business units such as Corrugated Packaging, Flexible Packaging, Engineered Materials, and Uncoated Fine Paper.

The reorganisation has no impact on the overall Group result.

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