SHARES in paper and plastics packaging maker Mpact closed 19.63% down, after it warned that its profit would drop for the first time since its unbundling from Mondi in 2011.The company warned on Monday that basic earnings per share and headline earnings per share for the six months to June were likely to fall at least 20%.Earnings per share and headline earnings per share would be at least 27.1c and 26.9c per share respectively, much lower than for the six months ended June last year of 135.3c and 134.4c, respectively. The share fell to R37.01 on Monday.Mpact confirmed on Monday that this was the first fall in profitability since it was spun off from global packaging group Mondi and listed in 2011. It said executives were in meetings and not available for comment.The group said the expected plunge in profitability was attributable to lower sales of container board, higher finance costs, a slower-than-expected ramp-up of its Mpact Polymers plastic drink bottles business, and a higher...
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