Mondi sees 6% decrease in H1 profit

JSE-listed Mondi’s underlying profit fell by 6% year-on-year to €497-million for the six months ended June 30. Underlying earnings before interest, taxes, depreciation and amortisation for the period, adjusted for the year-on-year movement in the forestry fair value gain, was up 3%. "Profitability was down on the comparable prior year period, mainly driven by a significantly lower forestry fair value gain in South Africa and the impact of mill maintenance shuts," CEO Peter Oswald said in a statement on Thursday.