Mondi raises profits guidance for first half

29th Jul 2014 07:37

Profits are expected to beat expectations for packaging and paper company Mondi in the first half of the year, with further clarity given on earnings guidance. The FTSE 100 group said basic underlying earnings per share would be between 49 and 54 euro cents, a fairly wide range which would represent either a fall on the 49.4 cents in the equivalent period in the prior year or a 9% gain.In a short statement - released due to requirements of its joint listing in Johannesburg that require companies to inform if results with differ by more than 20% from their comparative period - Mondi said underlying operating profit was expected to be above that of the comparable prior year period of €367m - presumably at least 20% higher.The company, which will released its results for the six months to June 30th on August 7th, also said basic earnings per share, which includes the effect of special items, would be range from 46 to 51 cents, an increase of between 30% and 44.5%. Mondi recognised a net special item charge after tax of €16m in the period, compared to a €68m charge in the comparable period.A third measure of earnings, basic headline earnings per share, were expected between 46 to 51 cents, which could represent a rise of up to 11.6% on the 45.7 cents in the prior period. OH