Higher prices for Mondi’s products underpin a positive outlook for the international packaging, paper and pulp manufacturer after it reported a “robust performance” in the first half of 2017, say industry analysts. Revenue rose 8% to €3.6bn in the six months from the same period in 2016. But underlying operating profit of €497m came off €32m. This was mainly driven by a substantially lower forestry fair-value gain in SA and also the effects of shutting down mills for maintenance. However, return on capital employed stayed strong at 18.7%. Cash generated from operations of €592m, down from €620m in the quarter in 2016, included an increase in working capital.

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