MPACT posted mixed results in the six months to June, with underlying operating profit falling 6% to R322m due to lower containerboard sales, and a loss in its new plastics recycling venture, Mpact Polymers.The diverisifed packaging group says higher net finance costs and a higher effective tax rate from the same period in 2015 resulted in headline earnings per share sliding 29.4% to 94.9c.But difficult trading conditions were partially offset by an improved performance in the rest of the paper and plastics businesses. The company foresees a tough trading environment for the next 18 months.“The plastics business … showed pleasing revenue and operating profit growth, while in the paper business corrugated showed its resilience in a difficult market, also growing revenue and operating profit,” Mpact CEO Bruce Strong said on Thursday.“These gains were offset by a loss in Mpact Polymers — the recycled polyethylene terephthalate business, which is still in a development phase — as well a...
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