Upbeat Smurfit beats the market forecasts

Jefferson Smurfit today reported pre-tax profits for 2000 of euro 485 million - an increase of 68 per cent on 1999.

Jefferson Smurfit today reported pre-tax profits for 2000 of euro 485 million - an increase of 68 per cent on 1999.

Analysts had been forecasting profits in a range between euro 412 and euro 480 million.

The company said excess capacity (a key indicator in the container board industry) was falling and should ease pressure on profit margins.

It said the US economic downturn was fully reflected in the company's share price and that earnings would not decline to the extent reflected by current market values.