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M+M makes EUR55m profit in first six months of 2008
The Mayr-Melnhof Group closed the first half-year of 2008 with a profit for the period of EUR 55.4 million. As expected, this figure came in just slightly below the previous year (1st half of 2007: EUR 59.2 million) providing for the non-recurring effect from the closing down of the Nikopol board mill as well as the loss of earnings contribution from the divested stake in recovered paper companies.The coincidence of economic slow-down and inflation, already heralded in previous
periods, is now an undisputed fact. No ending of the ongoing cost pressure and
upcoming price squeeze due to demand can be noted so far. This development
specifically affected cartonboard production and has led to the forecasted noticeable
decrease in the operating profit whereas the Packaging segment could stand its
ground due to capturing market shares and increasing productivity.
