Smurfit profits fall 58% on Europe market woes

PROFITS at the paper and packaging group Jefferson Smurfit slipped in the three months to the end of June.

The company, now called JSG Funding, said pre-tax profits fell by 58% to €12.9 million from €20.4m a year ago. Turnover for the three months was flat at €1.08 billion.

Smurfit chief executive Gary McGann said the decline reflected tough European market conditions.