Packaging firm Smurfit Kappa posts 16% drop in Q1 profit
02/05/2024 07:35
DUBLIN, May 2 (Reuters) - Smurfit Kappa's SKG.I core
profit fell 16% to 487 million euros ($522 million) in the first
quarter despite a rise in volumes, Europe's largest paper
packaging producer said on Thursday.
Smurfit posted volume growth of 3% in Europe and 2% in the
Americas yet its margin on earnings before interest, taxes,
depreciation, and amortization (EBITDA) fell to 18% from 19.3% a
year earlier.
The Irish group said it remained on track to complete its
$11 billion acquisition of U.S. rival WestRock WRK.N in early
July.
($1 = 0.9327 euros)
(Reporting by Padraic Halpin; editing by Jason Neely)
((padraic.halpin@thomsonreuters.com; +353 1 500 1504; Reuters
Messaging: padraic.halpin.thomsonreuters.com@reuters.net))