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Mondi reports ‘stable’ first quarter amid slowing demand

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The group says Q1 was characterised by lower average selling prices, softer demand and lower input costs from the highs seen in H2 2022

Paper and packaging group Mondi says underlying core profit was flat in the three months ending March as lower average selling prices coupled with softer demand that was driven in part by destocking prevailed in the quarter.

This was as demand for uncoated fine paper was low in the period, particularly in Europe with prices declining towards the end of the quarter. Though in Southern Africa, demand and pricing were stable, the company said. Mondi’s flexible packaging unit delivered a “stable performance” compared to the last quarter of 2022 with weaker industry demand and modestly lower prices being offset by falling input costs, it said.

Mondi’s paper business in Russia accounts for about a fifth of the group’s core profit, but it said in May it was looking to leave the country amid an exodus of firms due to the war in Ukraine.

 

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