(Reuters) -British packaging and paper firm Mondi said on Monday its core profit growth slowed in the third quarter due to weak demand and lower prices, and warned that challenges will persist this year, sending its shares sharply lower. Shares in Mondi tumbled more than 15%, dragging shares of European peers including Enso, UPM and SCA […]
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Mondi shares plunge 15% as profit growth slows amid weak demand
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(Reuters) -British packaging and paper firm Mondi said on Monday its core profit growth slowed in the third quarter due to weak demand and lower prices, and warned that challenges will persist this year, sending its shares sharply lower.
Shares in Mondi tumbled more than 15%, dragging shares of European peers including Enso, UPM and SCA lower.
Mondi posted underlying core profit of 223 million euros ($260.35 million) for the three months to September 30, down from 274 million euros in the second quarter and 290 million euros in the first, marking its lowest quarterly earnings so far this year.
($1 = 0.8565 euros)
(Reporting by DhanushVignesh Babu in Bengaluru)