Mondi expects earnings to rise

Paper and packaging firm Mondi said underlying operating profit for the year ended 31 December 2010 is expected to be considerably higher than the same time a year earlier. The group, listed in London and Johannesburg, said it expects basic underlying earnings per share for the year to be in the range of 44-49 cents compared to 18.7 cents a year before. Mondi also said restructuring costs will be greatly reduced. Special item charges before tax and non-controlling interests in aggregate of €133m (£112m), mainly relating to impairments of assets and restructuring and closure costs in 2009 will mean the equivalent special item charge of €22m this year.