Smurfit announce rise in sales
Paper and packaging giant Smurfit Kappa has announced sales of €1.79bn for first quarter in 2007, up 3.6% on the same period last year.
Earnings before interest, taxes, depreciation, and amortisation at €254m were up 40% on the first quarter of 2006.
The company said it had achieved further synergy benefits in the quarter and had reduced net debt by €1.33bn to €3.54bn by the end of March.
AdvertisementSmurfit Kappa, which is headed by Gary McGann, returned to the stock market in March 2006, with shares floating in Dublin and London.
It said today that the initial public offering was now completed with gross proceeds of €1.49bn.
CEO Gary McCann said the company was reporting a solid financial performance for the first quarter and expected to deliver results in line with current market expectations.
