Q2 revenues up 9% for Smurfit Kappa

Cardboard and packaging firm Smurfit Kappa has posted a 9% rise in revenues for the second quarter of the year.

Revenues for the three months to end July were €2.02bn, the company said, compared to €1.85bn for the same period last year.

For the six months to end July revenues were up 6% to €3.9bn, the company said,

Profit before tax was however down 15% to €70m in Q2, and 31% to €127m for H1.

H1 earnings before interest taxation depreciation and amortisation (EBITDA) was up 3% to €512m.

The company said it will pay an interim dividend of 10.25 cent, a year-on-year increase of 37%.

"The strong result has been achieved through improved pricing, continued cost take-out and enhanced efficiency programmes," said CEO Gary McCann.

"In spite of the recessionary conditions in Europe, the Group delivered like-for-like box volume growth in Europe of over 2% year-on-year and 5% volume growth in the Americas, excluding box volumes of SKOC (SK Orange County)."

The company also announced a price increase of €50 per tonne effective from August 1.