Smurfit shares rise as Q2 figures beat expectations

SHARES in the Irish-headquartered paper and packaging group Smurfit Kappa (SKG) rose 8.24% (35c) to €4.60 yesterday, after the business reported a 73% year-on-year fall in pre-tax profits to €39m for the first half of the year.

The rising share price was mainly down to second quarter figures coming in slightly better than market expectations.

Smurfit’s earnings before interest, tax, depreciation and amortisation (EBITDA) for the second three months of the year amounted to €184m — €8m higher than Davy Stockbrokers expected.