Mondi rises on higher outlook
SOUTH African paper and packaging maker Mondi yesterday saw its share price rise on both the London and Johannesburg stock exchanges, after it raised its full-year profit forecast.
The FTSE 100-quoted company said that underlying operating profit for 2013 is expected to be above the €574m (£473.6m) achieved in 2012, after its nine-month profit of €538m beat the prior year’s €410m.
Shares climbed over three per cent in Johannesburg yesterday and over one per cent in London.
The company added that in 2012 it had recognised a special item charge after tax of €92m, but the equivalent charge for 2013 is expected to be around €74m, of which €68m was factored into the first-half results.