Smurfit Kappa has reported net sales of €5,271 million to the end of September, a 66 per cent rise on the same period last year.
The group today announced its results for the three months and nine months to the end of September.
The group reported sales of €1,751 million in the third quarter of 2006. EBITDA, at €170 million in the third quarter, increased by 2 per cent from €166 million in the second quarter.
The packaging and paper group said that while an improved quarter-on-quarter performance reflected the positive pricing momentum, particularly on the mill side, this was largely masked by the higher stock compensation expense and by slightly higher reorganization and restructuring costs.
Smurfit Kappa was formed by the merger of Jefferson Smurfit Group and Kappa Packaging last December.
In its statement today, the company said the year-on-year growth in sales revenue primarily reflects the enlarged scale of the group following the merger. Net sales from continuing operations at €5,271 million for the nine months to September 2006 were €2,103 million or 66 per cent higher than in the same period in 2005.
"On a combined basis, net sales from continuing operations of €5,271 million in 2006 represents a modest increase on €5,211 million in the first nine months of 2005," the company said.
Chief executive Gary McGann said: "SKG is pleased to report third quarter results which show continued, sequential growth. The improved financial performance reflects a better European operating environment and the continued strength of our Latin American operations.
"SKG's third quarter results also show the benefits of our synergy programme. The progress we are making in our synergy programme gives us confidence that we are on schedule."