Mondi has posted a pre-tax profit of €49m ($66m) for 2009, compared to a pre-tax loss of €103m ($138.8m) in the previous year.
The packaging company's underlying profit before tax declined 36% to €182m ($245m) from €284m ($383m) a year earlier despite cost savings of €251m ($338m), Mondi said.
The firm said that sales in 2009 dropped 15% to €5.3bn ($7.1bn) but that the first half of the year was more difficult due to sharp volume declines and pressure on prices.
Mondi's European corrugated business reported a 53% drop in operating profits of €23m ($31m) due to weak demand and average recycled containerboard prices dropping 31% year-on-year.
In the bags and specialties division, operating profits fell by 48% to €82m ($110m) while the uncoated fine paper division reported a 16% hike in profits to €146m ($196m).
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