Mondi plc (MNDI.L), a sustainable packaging and paper group, on Friday reported weaker underlying earnings for the first quarter, as lower selling prices and rising cost pressures offset higher sales volumes.
Underlying EBITDA, including forestry fair value, fell to €212 million from €290 million in the comparable quarter last year.
The company recorded a forestry fair value gain of €8 million, compared with €2 million in the same period last year, but expects no such gain for the full year due to lower wood prices in South Africa.
Andrew King, CEO of Mondi Group, said cost pressures linked to escalating geopolitical tensions have continued into the second quarter, and pricing actions are underway, with benefits expected to be fully realised by the third quarter.
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