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Shares in Mondi soar 7.5% on quarterly profit jump

by , 14 May 2015

Yesterday, shares in Mondi rose swiftly after the company released its interim management statement.

The paper making company revealed a sharp rise in profits for its first quarter.

Shares hit an all-time high on the Johannesburg Stock Exchange.

Let's take a closer look at what the company revealed…


Mondi saw operating profits rising significantly in three months


Mondi [JSE:MND] reported “a 29% rise in first-quarter operating profit on higher sales,” reports Fin24. The company also saw costs fall in Europe and “improved prices in Russia and South Africa”.

The company said its underlying operating profit benefitted from “contributions from capital projects and acquisitions,” says IOL. This came in at €236 million, up from €183 million for the same period last year.

Analysts at Barclays Africa said this profit “implied an annual underling operating profit of €944 million” for the current financial year, notes BDLive. Much higher than its forecast for €851 million and Bloomberg’s forecast of €837 million.

But the company warned that pressures from inflation in some “emerging markets where it operates are expected to increase,” says MoneyWeb. And the rise in the price of oil is also likely to increase the costs of “energy, resin and chemicals”.

Mondi, which is listed in SA and London, “employs about 25,000 people in more than 30 countries,” adds BDLive.


Shares in Mondi are up 39% this year


During trade yesterday, shares were up “as much as 8.3%,” reports Bloomberg. This marks its biggest daily move in five years.

So far this year, shares in Mondi are up 39%, adds Bloomberg. This ranks it as the “ninth best performer on the FTSE/JSE Africa All Share Index” this year.

Shares closed 7.49% higher at R261.75 last night.

So a good day for Mondi yesterday. The market was certainly pleased with its results covering the first three months of its financial year.

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Shares in Mondi soar 7.5% on quarterly profit jump
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