Packaging firm’s profits soar by 140%

The packaging and paper group chaired by Dermot Smurfit, Powerflute, reported a 140% jump in pre-tax profits to €5.2m.

The company’s revenue increased by 15% from €57.7m last year to €66.3m this year, according to the company’s interim results for the first six months of the year issued to the London alternative investment market yesterday.

Mr Smurfit said the group’s strong performance was due to better than expected market conditions for paper and cardboard boxes that the group manufactures in Finland.