The Mayr-Melnhof Group was able to increase sales as well as profit in the first three quarters of 2016 compared to the reference period in an increasingly challenging economic environment lacking direction. Due to the broad geographical sales spectrum and the focus on various consumer goods industries it was possible to maintain capacity utilization at a high level in both divisions despite restrained overall conditions.
The Group’s consolidated sales totaled Euro 1,713.8 million and were thus 5.9 %, or Euro 96 million above the previous year’s value (1-3Q 2015: Euro 1,617.8 million). This rise is primarily due to the acquisition-related higher business volume at MM Packaging.
At Euro 160.2 million, operating profit was 3.6%, or Euro 5.6 million above the comparative value of the previous year (1-3Q 2015: Euro 154.6 million). A significant increase at MM Packaging was contrasted with a decrease at MM Karton. The Group’s operating margin reached 9.3% (1-3Q 2015: 9.6%).
Financial income totaled Euro 2.3 million (1-3Q 2015: Euro 1.4 million), while financial expenses amounted to Euro -4.7 million (1-3Q 2015: Euro -4.7 million).
Profit before tax went up by 6.2% to Euro 155.9 million, after Euro 146.8 million in the first three quarters of the previous year. Income tax expense amounted to
Euro 40.4 million (1-3Q 2015: Euro 38.6 million), resulting in an effective Group tax rate of 25.9% (1-3Q 2015: 26.3 %).
Thus, profit for the period rose by 6.7 % to Euro 115.5 million (1-3Q 2015: Euro 108.2 million) and earnings per share from Euro 5.36 to Euro 5.76.
The Mayr-Melnhof Group is the world-leader in coated recycled cartonboard with a growing position in virgin fiber based board and Europe’s leading manufacturer of folding cartons with a growing presence outside of Europe.