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SCA Packaging Reports Rise in Operating Profit

3 February 2011

SCA Packaging has reported a 282% rise in the 2010 operating profit of SEK1.58bn ($34m), compared with its 2009 full-year results.

The company said its sales rose 4% to SEK29.6bn ($644m).

SCA's fourth-quarter packaging revenues were up 25%, compared with the prior year, and the segment's operating profit grew to SEK567m ($88m) from SEK149m ($23m) a year ago.

Savings from restructuring exceeded the annual target of SEK1bn ($22m), the company said.

The closure of New Hythe in 2009 and the sale of its Asian corrugated business last April had reduced 2010 sales by around 5%.

The group, whose businesses include forestry, tissue making, and paper production for publishing, posted a 2% year-on-year fall in sales at SEK109.1bn ($2.37bn), while pre-tax profit rose 6% to SEK8.5bn ($185m).