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Corporate
Mayr-Melnhof almost holds profits at last year’s level
The Mayr-Melnhof Group overall held its ground very successfully in the first three quarters of 2009. Due to increased market shares and noticeably decreasing fixed and variable costs, results could be kept at last year’s level, in spite of declining and more volatile demand with a highly heterogeneous regional pattern.As a result of lower volume sold, the Group’s sales decreased by 11.4 %. However, at EUR 110.1 million, the operating profit almost reached last year’s level. Thus, at Group level, the operating margin increased considerably in the first nine months of the year 2009 to 9.3 % (1-3Q 2008: 8.3 %). Due to lower income tax expense, the profit for the period rose by 2.4 % to EUR 80.3 million.
Resulting from the increase in non-European orders, the cartonboard division’s current order backlog levels at approximately two weeks and thus slightly higher compared with the previous quarters. However, the market situation in Europe remains very tense. Indications from MM Packaging’s customers show a highly volatile tendency.
